Block’s Shares Surge 12% on Strong Q3 Results
<p><a href='https://financialmodelingprep.com/financial-summary/SQ'>Block (NYSE:SQ)</a> shares soared more than 12% on Friday following the company’s reported Q3 results, with EPS of $0.42 coming in better than the Street estimate of $0.24. Revenue was $4.52 billion, in line with the Street estimate.</p>
<p>Cash App generated gross profit of $774 million, representing a 51% year-over-year growth. Square generated gross profit of $783 million, growing 29% year-over-year.</p>
<p>The strength in Cash App is expected to continue into Q4 with monetization rates and Cash App ARPU rising materially better than expectations. </p>
<p>Analysts at Deutsche Bank continue to believe Block’s proven business model will be able to weather the economic storm and demonstrate strong top and bottom-line growth rates well above peers in the short and long term. </p>

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