When it was founded as Square, Block (NYSE: SQ) was centered on enabling small merchants to accept card payments. Large financial institutions found this corner of the market not really worth serving, and Block took advantage of the opportunity. 

Today, the merchant-facing segment, which is called Square (confusing, I know), is a major part of the overall business, generating 47% of company gross profit in the latest quarter (Q2 2023 ended June 30). This figure was up 18% year over year, so it's still growing at a healthy clip. 

However, shareholders can't ignore the burgeoning Cash App ecosystem. Here's why it just might be Block's most critical segment. 

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Source Fool.com