The news: Block’s gross profit increased 14% YoY in Q4 2024, totaling $2.31 billion, per its earnings release—down from 22% YoY growth in Q4 2023.
- Square’s gross profit grew 12% YoY, down from 18% a year ago.
- And Cash App’s gross profit increased 16% YoY, compared with 25% in 2023.
Block’s stock price dropped nearly 15% after missing analysts’ expectations.
- In Q4, financial analysts estimated Block’s gross profit would be $2.33 billion, per CNBC.
- The company also missed analysts’ revenue expectations of $6.29 billion; its revenues were $6.03 billion for the quarter.