Block, Inc. reported its fourth-quarter 2024 financial results on February 20, 2025, revealing adjusted earnings of $0.71 per share, which fell short of the average analyst estimate of $0.87. The company's revenue for the period was $6.03 billion, missing expectations of $6.29 billion, indicating a challenging quarter for top-line growth.
Despite the revenue and EPS misses, Block's gross profit increased 14% year-over-year to $2.31 billion, though this was slightly below consensus estimates. Gross Payment Volume (GPV) reached $61.95 billion, surpassing analysts' estimates of $61.3 billion, driven by Square's GPV growth of nearly 10% year-over-year, with strength in food and beverage and retail sectors.
Cash App's gross profit rose 16% year-over-year to $1.38 billion, exceeding analyst estimates, but its monthly transacting users remained flat at 57 million for the fourth consecutive quarter, raising concerns about user acquisition. For the full year 2025, Block reiterated its outlook for at least 15% gross profit growth, projecting $10.22 billion, and adjusted operating income of $2.1 billion with a 21% margin.
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