UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 ______________________ FORM 10-Q ______________________ (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2024 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ________ to ________ Commission File Number: 001-37622 ______________________ Block, Inc. (Exact name of registr ...

Exhibit 99.1 To Our Shareholders May 2, 2024 “Why the hell are you all spending so much time on bitcoin?” We get this question a lot. We’ll use this quarter’s letter to answer it. First, some facts. Less than 3% of company resources are dedicated to bitcoin-related projects. All of which have been more than fully covered by the profits from our bitcoin exchange, which is Cash App’s fourth largest gross profit stream. But why spend time on bitcoin at all? We believe the world needs an open protocol for money ...

Block, owner of Cash App and Square, is reportedly facing a Department of Justice investigation.Federal prosecutors are in discussions with an ex-employee about allegations of widespread compliance failures at Cash App and Square going back years, NBC News reported Wednesday (May 1), citing unnamed sources.“From the ground up, everything in the compliance section was flawed,” the former employee said, per the report. “It is led by people who should not be in charge of a regulated compliance program.”The for ...

Federal prosecutors are reportedly asking hard questions about compliance.U.S. prosecutors are reportedly probing financial transactions at Block (SQ -8.51%), asking tough questions about potential compliance lapses at the company's Square and Cash App divisions. The reports caught investors off guard, sending Block shares down about 10% as of 1:45 p.m. ET.The Feds are looking into Block's most important appsBlock products, including Square and Cash App, have been central to the fintech revolution, offering ...

Block (NYSE:SQ) stock is down more than 8% in the afternoon session on news that federal prosecutors are probing financial transactions at the fintech company.Specifically, early reports indicate that prosecutors are considering certain crypto transactions that may have ties to terrorist groups. The probe will also indicate whether any transactions were processed in violation of economic sanctions put in place.Various compliance lapses noted by a former employee could have led to such transactions taking pl ...

Block, Inc. (SQ) is scheduled to report its first-quarter 2024 results on May 2.The company has been benefiting from strong Cash App engagement, driven by its robust financial services products like Cash App Card. Its expanding presence in the “buy now, pay later” market, driven by strength across its Pay-in-Four and Single Use Payments offerings, is expected to have continued driving SQ’s top-line growth in the quarter under review.Strength across the Square ecosystem, on the back of its robust software an ...

US prosecutors are examining financial transactions at Jack Dorsey’s Block, NBC News reported Wednesday, citing two people with direct knowledge of the matter.NBC reported that federal prosecutors were discussing with a former employee alleged widespread compliance lapses at Square and Cash App, the company’s two main units.Areas under investigation include whether the company failed to gather sufficient information on customers to assess risks, if Square processed transactions involving countries subject t ...

About this content About William Farrington William kickstarted his career as a researcher and reporter for a global legal publication, covering everything from public law to M&A. Before moving to Proactive Investors, he worked as a reporter for a major fintech company with a focus on cryptocurrency and blockchain technology. Harking from Queensland, Australia, William obtained first-class honours in journalism and media from Birkbeck University before going on to complete an MA in creative and critical ...

Wall Street analysts expect Block (SQ) to post quarterly earnings of $0.62 per share in its upcoming report, which indicates a year-over-year increase of 55%. Revenues are expected to be $5.73 billion, up 14.8% from the year-ago quarter.The consensus EPS estimate for the quarter has been revised 2.5% lower over the last 30 days to the current level. This reflects how the analysts covering the stock have collectively reevaluated their initial estimates during this timeframe.Ahead of a company's earnings disc ...

Block (SQ) closed the most recent trading day at $74.03, moving -1.57% from the previous trading session. The stock trailed the S&P 500, which registered a daily gain of 0.02%. Meanwhile, the Dow lost 0.11%, and the Nasdaq, a tech-heavy index, added 0.1%.The mobile payments services provider's stock has dropped by 10.25% in the past month, falling short of the Business Services sector's loss of 5.08% and the S&P 500's loss of 3.01%.Analysts and investors alike will be keeping a close eye on the performance ...