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Block Stock Surges After Strong 2023 Results

Block (NYSE:SQ) is an Oakland-based company that builds ecosystems focused on commerce and financial products and services in the United States and around the world. Shares of Block have spiked 16% week-over-week as of late morning trading on Monday, February 26. That has pushed the stock into positive territory – up 5.3% so far – in the year-to-date period. The company has attracted positive attention after its recent earnings release, which has spurred momentum for the stock.

This company unveiled its fourth quarter (Q4) and full-year fiscal 2023 earnings on February 22, 2024. Block expected core earnings between $570 million and $590 million for the three months ended March 31. It raised its full-year profit guidance by more than $200 million, and forecasts 2024 earnings of at least $2.63 billion. That represents a15% growth compared to the prior year.

Total net revenue at Block climbed 24% year-over-year to $5.77 billion in Q4 2023. Revenue came in at $3.25 billion when excluding the gains from Bitcoin – up 15% compared to Q4 FY2022. “We’ve done a lot recently to reduce our costs,” said CEO Jack Dorsey in a letter to shareholders. “Now we’re going to focus on growth.” He noted that Block is below its cap of 12,000 employees and aims to maintain that.

Block looks poised to post strong earnings growth, even excluding the tear that Bitcoin has gone on recently. It has recently achieved profitability and still offers solid value at the time of this writing.