Here's Why Block Stock Is Sailing Higher Today
Shares of financial technology company Block (NYSE: SQ) sailed higher on Friday after the company reported financial results for the third quarter of 2023. In my opinion, the market isn't celebrating the financial results as much as it's celebrating the serious and urgent tone from co-founder Jack Dorsey in his letter to shareholders. As of 12:30 p.m. ET, Block stock was up 12% and is now up 23% for the week.
Dorsey's opening statement was over 1,300 words, so it can't be handled in its entirety here. However, his promises can perhaps be summarized as follows: Block will show operational discipline like never before to unlock greater profitability in coming years.
Block showed growth in both its Cash App ecosystem and its Square ecosystem in Q3. The company's preferred profit metric is its gross profit. In Q3, Block had a gross profit of $1.9 billion, a quarterly record and up 21% year over year.
Source Fool.com
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