Block, Inc. (SQ)

Nov 29, 2022Trade Ideas

Formerly known as Square, Block is a major name in the fintech space with an ecosystem of financial products. One of those products in the fast-growing Cash App, which is used to send and receive payments. It even offers other financial services, such as banking and trading. With it, Block is set up for substantial growth ahead.

Even more impressive, the oversold stock just posted solid earnings.

In its most recent quarter, the company said gross profits grew 38% to $1.57 billion year over year. Gross profit from its Cash App was up 51% year over year to $774 million. And its Square seller business gross profit was up 29% to $783 million. Total net revenue grew 17% to $4.52 billion in the third quarter. Excluding Bitcoin revenue, total net revenue in the quarter increased 36% to $2.75 billion from the same period last year.


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