Summary by Moomoo AI
Block, Inc., formerly known as Square, reported a robust financial performance for the fiscal year ending December 31, 2023. The company's gross profit surged to $7.5 billion, marking a 25% increase year over year, primarily fueled by its Cash App and Square ecosystems. Cash App's gross profit alone climbed by 33% to reach $4.3 billion, while Square's gross profit grew by 16% to $3.1 billion. Despite an operating loss of $278.8 million, Block saw a significant turnaround with a net income of $9.8 million, a 102% increase from the previous year, and an impressive 81% year-over-year increase in Adjusted EBITDA to $1.8 billion. The company's future plans include a continued focus on cost efficiency and disciplined growth, with a cap on employee numbers and a $1 billion authorization...Show More