Block, Inc. (SQ) is an international tech-based company engaged in providing financial services. The company builds tools to aid more people’s economic access. Its subsidiaries help the sellers grow their businesses with an integrated ecosystem of digital solutions and banking services. Also, anyone can simply invest their money in Bitcoin or stocks.
The price of SQ stock during regular trading on February 24, 2022, was $94.9 with an increase of 7.07%. At last check in the aftermarket, the stock further roared by 18.3%.
SQ: Key Financials
On February 24, 2022, SQ released its financials for the fourth-quarter 2021 ended December 31, 2021. Some of the important points are mentioned below.
Revenue
Total net revenue in Q4 2021 was $4.07 billion against $3.15 billion in the same period of 2020. The company observed an increase of $0.91 billion in its net revenue over the yearly period. Also, it topped the analysts’ estimates of $4.06 billion.
EPS
Basic and diluted net loss in Q4 2021 was $80.9 million or $0.17 versus net income of $293.9 million or $0.65 (basic) and $0.59 (diluted) in the same period of 2020. The company observed a reduction in its EPS over the year. Also, it missed the estimated EPS target of -$0.10.
SQ: Events and Happenings
On February 22, 2022, SQ’s subsidiary Afterpay updated its collaboration with EyeBuyDirect to bring pliable spending to the consumers shopping online. Using Afterpay, EyeBuyDirect’s clients will pay for their purchased products in four interest-free installments, due every two weeks.
On February 16, 2022, SQ’s subsidiary TIDAL is made available in the UAE for music lovers and artists. Music fans will listen to their desired artists with HiFi sound. On February 1, 2022, SQ’s subsidiary Afterpay announced its continuous collaboration with BrainTrust Founders Studio and unveiled its collaboration with the Fashion Scholarship Fund. Both the organizations will implement a give-back platform through the year to aid Black-owned collaborators.
On January 31, 2022, SQ’s subsidiary Square launched its initial integration with Afterpay, providing ‘Buy Now, Pay Later’ functionality to vendors using digital platforms for e-commerce in the US and Australia.
Conclusion
SQ stock is 64% down the past half-year as the companies are facing economic turmoil due to the pandemic. The current stock position of the company is good as it surged in the aftermarket session after the financial statement release. The company topped the revenue estimates but missed the estimated EPS target.
