Block (NYSE:SQ) stock surged by nearly 14% in premarket trading on Friday following the company’s Q4 2023 earnings report. The report showcased a significant increase in gross profit and robust growth in the Square and Cash App revenue.
What Happened: The company, previously known as Square, reported a fourth-quarter gross profit of $2.03 billion, marking a 22% year-over-year rise. The adjusted EBITDA forecast was also raised to a minimum of $2.63 billion from $2.40 billion.
Block concluded 2023 with 56 million monthly transacting actives for Cash App, most using it for peer-to-peer payments or the Cash App Card. The Cash App business reported a gross profit of $1.18 billion, a 25% year-over-year increase.
Shares were last up 13.64% at $77.23 before the opening bell on Friday, according to data from Benzinga Pro.
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