XYZ
Beat the tape, still got tapped
Block came out with a solid Q2 report: earnings of $1.02 per share beat estimates of 87 cents, and revenue of $6.62 billion topped the $6.49 billion consensus. That’s the kind of headline that usually gets a little victory lap.
Cash App is still doing Cash App things
The real engine here was the consumer side. Cash App Commerce Enablement volume jumped 17% year over year to $56.5 billion, helped by Cash App Card and BNPL. Consumer lending origination volume also grew 59% to $18.9 billion, with Cash App Borrow doing some of the heavy lifting. Monthly transacting actives hit 59 million in June, which is a very nice reminder that the app is still sticky.
Square didn’t nap either
Square’s GPV rose 13% year over year, with U.S. growth accelerating to 10% — the strongest domestic growth rate since Q2 2023. International GPV was even louder, up 28% year over year, or 25% in constant currency. In other words: the merchant side isn’t exactly mailing it in.
So why’d the stock fall?
Even with the beat, XYZ was down 4.39% in extended trading to $80.50. That’s the market’s favorite plot twist: “good” wasn’t apparently good enough, and investors may be looking for a bigger acceleration story or cleaner margin math.
Big picture: Block keeps proving it has multiple growth levers, but when the stock is already in the spotlight, you don’t just need a beat — you need a beat that makes people forget to check their phones.