Block reported earnings after the bell yesterday and it was a powerful report with strong income progress in each Money App and Sq..
Income for the fourth quarter was above expectations at $5.77 billion and gross revenue was $2.03 billion, up 22% from a 12 months in the past.
In his shareholder letter (PDF right here) CEO Jack Dorsey centered loads on Money App. There are at the moment two million individuals receiving their pay into their Money App account, a small subset of the 56 million month-to-month energetic customers. He needs to develop that quantity considerably.
He additionally talked about headcount staying under their self-imposed cap of 12,000 individuals and they’re going to keep beneath that cap “till we really feel it’s holding us again.”
Dorsey additionally indicated that integrating Afterpay extra tightly with Money App can be a precedence in 2024.
Block’s share value was up 18% in morning buying and selling on Friday.
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