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Here’s why the Block (ASX:SQ2) share price is rocketing 35% today

The Block Inc CDI (ASX: SQ2) share price has rocketed in morning trade after the business announced its FY21 results overnight. 

The Block Inc CDI (ASX: SQ2) share price has rocketed today after the business announced its FY21 results overnight.

In early afternoon trade, the Block share price is up 34.77% to $156.40.

Block? Afterpay? Square?

Block, formerly known as Square, is a global payments business with divisions including Square, Cash App, Spiral, TIDAL and TBD54566975.

The company also bought Australian buy now, pay later market darling Afterpay in January.

Block share price soars after beating expectations

Key financial results for the year ending 31 December include:

  • Revenue of US$17.66 billion, an increase of 86% year-on-year (YoY)
  • Gross profit of US$4.42 billion, up 62% YoY
  • Adjusted EBITDA of US$1.01 billion, up 114% YoY
  • Net income of US$166 million, down 22% YoY

The strong financial results were primarily driven by growth in Cash App and Square’s merchant base.

Block benefitted from the maturation of the prior year’s customer and merchant cohorts.

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Lachlan Buur-Jensen

Lachlan is a Bachelor of Commerce graduate with majors in Accounting and Finance from Monash University. He invests in companies with intense customer love, strongly aligned management teams and structural tailwinds. Lachlan is a big proponent of the eighth wonder of the world – compound returns, and its power in helping individuals reach financial freedom. Outside of investing, Lachlan enjoys supporting his AFL team – Essendon. Albeit, this can be frustrating at the best of times.
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At the time of publishing, Lachlan does not have a financial or commercial interest in any of the companies or funds mentioned.

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