“Block (NYSE:SQ) stock gained 14% in Thursday after-hours trading after the payment tech company's Q3 earnings and revenue exceeded Wall Street expectations as gross profit at both its Cash App and Square ecosystem units climbed from the prior quarter and a year ago.” – SeekingAlpha
Gross profit of $1.57 billion, up 38% year
over year
– Cash App generated gross profit of $774 million, up 51% year over year
– Square generated gross profit of $783 million, up 29% year over year
– Net revenue: $4.52B
– EPS: $0.42
For Q4, Block (SQ) is expecting non-GAAP operating expenses of $1.47B, up $206M from Q3. Excluding BNPL, it expects non-GAAP operating expenses of $1.25B, up $162M from the prior quarter.
On a GAAP basis, it expects to incur ~$57M quarterly expenses related to amortization of intangible assets through the remainder of 2022 and over the next few years, the same as its estimate in August.
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