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Block Inc Class A - Stock Quote SQ

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Morningstar's Block Inc Class A Stock Analysis

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Block Maintains Underlying Growth in Q1

Brett Horn, CFA Senior Equity Analyst

Analyst Note

| Brett Horn, CFA |

Narrow-moat Block continues to see strong underlying growth across its segments. Reported revenue declined year over year because of a fall-off in Bitcoin revenue (which is effectively a pass-through item, in our view). However, excluding Bitcoin revenue and the Afterpay acquisition, overall net revenue increased 36% year over year. While we remain impressed by Block's growth, we also remain concerned about the lack of traction on the bottom line. We will maintain our $124 fair value estimate, but would reiterate our very high uncertainty rating.

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Block Inc Class A's Company Profile

Business Description

Founded in 2009, Block provides payment acquiring services to merchants, along with related services. The company also launched Cash App, a person-to-person payment network. Block has operations in Canada, Japan, Australia, and the United Kingdom; about 5% of revenue is generated outside the U.S.

1455 Market Street, Suite 600
San Francisco, CA, 94103
T +1 415 375-3176
Sector Technology
Industry Software - Infrastructure
Most Recent Earnings Mar 31, 2022
Fiscal Year End Dec 31, 2020
Stock Type Speculative Growth
Employees 8,521

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