$SQ Block continues to show strong growth in Q1 2023.
• Gross profit: $1.7b +32%
- Cash App: $931m+49%
- Square: $770m +16%
• Cash App MAUs: 53m
• Square GPV: $46b +17%
• Adj EBITDA: $368m +89%
We've curated 6 highlights from their recent earnings report 🧵
• Gross profit: $1.7b +32%
- Cash App: $931m+49%
- Square: $770m +16%
• Cash App MAUs: 53m
• Square GPV: $46b +17%
• Adj EBITDA: $368m +89%
We've curated 6 highlights from their recent earnings report 🧵
1/ Usage, inflows, and monetisation are all trending upwards at Cash App.
$SQ CFO: "Inflows per transacting active averaged $1,136 in the first quarter, up 8% year-over-year and quarter-over-quarter. And overall inflows into Cash App totalled $61 billion, up 27% year-over-year".
$SQ CFO: "Inflows per transacting active averaged $1,136 in the first quarter, up 8% year-over-year and quarter-over-quarter. And overall inflows into Cash App totalled $61 billion, up 27% year-over-year".
2/ Block now has 14 revenue streams generating more than $100m in gross profit, up from 11 last year; 6 at Cash App, 7 at Square, and BNPL.
The uptake of their new savings product has already enrolled 3 million members.
The uptake of their new savings product has already enrolled 3 million members.
3/ Square continue to find growth upmarket, attracting more mid and large sized sellers.
"Gross profit from our mid-market sellers was up 19% year over year in the first quarter, despite lapping gross profit from PPP forgiveness during the prior year".
"Gross profit from our mid-market sellers was up 19% year over year in the first quarter, despite lapping gross profit from PPP forgiveness during the prior year".
4/ Square's gross profit is increasingly coming from outside the US, currently at 16%, up from 6% in 2020.
"Gross profit in our international markets outpaced overall Square gross profit, up 29% year-over-year, excluding contributions from our BNPL platform".
"Gross profit in our international markets outpaced overall Square gross profit, up 29% year-over-year, excluding contributions from our BNPL platform".
5/ Block are raising adj EBITDA guidance by $600k (previously $1.3b) and narrowing adj operating loss expectations by $35m (previously $150m).
6/ Block are the latest to jump on the AI bandwagon, claiming that its priority number one.
"In 2023, we’ve doubled down and have incorporated this as a strategic priority for all Square product teams".
"In 2023, we’ve doubled down and have incorporated this as a strategic priority for all Square product teams".
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