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Block Reports Blowout Earnings in Q3 Driven by Cash App Performance

By Yasin Ebrahim 

Investing.com -- Block reported third-quarter earnings Thursday that handily beat Wall Street estimates, driven by strong performance in its cash app and square payment products. 

Block (NYSE:SQ) was up more than 11% in afterhours trading following the report.

Block reported EPS of $0.42 per share on revenue of $4.52 billion, topping analysts estimates for a EPS of $0.24 and in-line with expectations for revenue of $4.52 billion. 

The beat on the bottom line was driven by performance of its Cash App, which generated gross profit of $774 million, up 51% year over year, and Square generated gross profit of $783 million, up 29% year over year. 

Transaction-based revenue was $1.52 billion in the third quarter, up 17% year over year, as payment volume climbed to $54.37 billion from $45.43 billion in the same period a year earlier. 

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CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 74.3% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.