Join Free
My Account
Log in
Join Free
Log in
Rask Media home

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.

$50,000 per year in passive income from shares? Yes, please!

With interest rates UP, now could be one of the best times to start earning passive income from a portfolio. Imagine earning 4%, 5% — or more — in dividend passive income from the best shares, LICs, or ETFs… it’s like magic.

So how do the best investors do it?

Chief Investment Officer Owen Rask has just released his brand new passive income report. Owen has outlined 10 of his favourite ETFs and shares to watch, his rules for passive income investing, why he would buy ETFs before LICs and more.

You can INSTANTLY access Owen’s report for FREE by CLICKING HERE NOW and creating a 100% FREE Rask Account. (Psst. By creating a free Rask account, you’ll also get access to 15+ online courses, 1,000+ podcasts, invites to events, a weekly value investing newsletter and more!)

Access all reports now

Information warning: The information on this website is published by The Rask Group Pty Ltd (ABN: 36 622 810 995) is limited to factual information or (at most) general financial advice only. That means, the information and advice does not take into account your objectives, financial situation or needs. It is not specific to you, your needs, goals or objectives. Because of that, you should consider if the advice is appropriate to you and your needs, before acting on the information. If you don’t know what your needs are, you should consult a trusted and licensed financial adviser who can provide you with personal financial product advice. In addition, you should obtain and read the product disclosure statement (PDS) before making a decision to acquire a financial product. Please read our Terms and Conditions and Financial Services Guide before using this website. The Rask Group Pty Ltd is a Corporate Authorised Representative (#1280930) of AFSL #563 907.

Picture of Lachlan Buur-Jensen

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.
More analysis
At the time of publishing, Lachlan does not have a financial or commercial interest in any of the companies or funds mentioned.

Latest stories

More insights

Better investing starts here.

Want to level-up your analytical skills and investing insights but don’t know where to start? Join 50,000 Australian investors on our mailing list and we’ll send you our favourite podcasts, courses, resources and investment articles every Sunday morning. Grab a coffee and let Owen and the team bring you the best  insights.

Skip to content