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DISTRIBUTED-WORK-MODEL/OAKLAND, Calif.--(BUSINESS WIRE)--Block, Inc. (NYSE: SQ) will release financial results for the first quarter of 2024 on Thursday, May 2, 2024, after market close. Block will also host a conference call and earnings webcast at 2:00 p.m. Pacific Time/5:00 p.m. Eastern Time on the same day to discuss these results. To register to participate in the conference call, or to listen to the live audio webcast, please visit the Events & Presentations section of Block's Investo.
Fintech stock Block Inc (NYSE:SQ) is 1.8% lower to trade $78.19 this morning, after Morgan Stanley issued a downgrade to "underweight" from "equal weight," along with a price-target cut to $60 from $62.
Zacks.com users have recently been watching Block (SQ) quite a bit. Thus, it is worth knowing the facts that could determine the stock's prospects.
I reaffirm my "Buy" rating on Block stock, supported by strong commercial performance in FY 2023, with 26% YoY topline and 25% YoY gross profit growth clearly outpacing analyst expectations. Heading into 2024 and beyond, I like SQ's ambition to tap into a $205 billion total addressable market - with a penetration upside of 95%. This ambitious plan, paired with strong management execution against objectives, is likely a key driver for uptrending EPS consensus projections.
Fintech, or financial technology, is a sector that has been growing rapidly in recent years, offering innovative solutions for payments, banking, lending and investing. The best fintech stocks leverage digital platforms, data analytics, artificial intelligence (AI) and other technologies.
Square and Cash App are both resonating well with users, and both segments are posting strong growth. Block hasn't been consistently profitable, which adds risk to the equation.
Last year, Block announced it would cut costs and streamline operations. Early signs have been positive, with the company beating fourth-quarter earnings estimates and growing its profits.
Block CFO and COO Amrita Ahuja joins 'Mad Money' host Jim Cramer to talk Cash App, fractional shares, its plan to boost growth and more.
Block CFO and COO Amrita Ahuja joins 'Mad Money' host Jim Cramer to talk Cash App, fractional shares, its plan to boost growth and more.
Zacks.com users have recently been watching Block (SQ) quite a bit. Thus, it is worth knowing the facts that could determine the stock's prospects.