Net revenue: $4.99 billion +26% YoY
Gross profit: $1.71 billion +32% YoY
Operating Income: -$6 million vs -$227 million YoY
Gross Payment Volume: $51.12 billion +17% YoY
Cash App
Revenue: $3.27 billion +33% YoY
Gross Profit: $931 million +49% YoY
Inflows: $61 billion +27% YoY
Monetization rate: 1.41% excluding gross profit contributions BNPL platform
GPV: $4.90 billion +24% YoY
Square
Revenue: $1.67 billion +15% YoY
Gross Profit: $770 million +16% YoY
GPV: $46.22 billion +17% YoY
Operating expenses: $1.72 billion +13% YoY
Main driver being product development expenses $627 million +37% YoY
Sales & Marketing and General & Admin both down YoY
Transaction, loan, and consumer receivables losses $128 million +40% YoY
Block Investment framework
Anchored on three principles focusing on customer retention and growth, accounting for ongoing business costs, and using industry standard conventions
Overall
A really good quarter from
$SQCash App growing gross profit by 49% is the shining light
Free cash flow of $262 million up 39% YoY and growing faster than gross profit