Block, Inc. Q3 FY2020 Earnings Call

· Earnings call transcript and AI-powered summary

  • Revenue & Profit: Square reported Q3 2020 gross profit of $794 million, up 59% YoY (63% excluding Caviar), with net income of $37 million and adjusted EBITDA of $181 million.
  • Cash App Performance:
    • Gross profit grew 212% YoY to $385 million—tripling the performance of Q3 2019.
    • 2.5M+ users traded stocks, with billions of dollars transacted.
    • Launched features like Auto-Invest, industry-based stock discovery, and in-app news.
    • Daily transacting actives nearly doubled YoY, representing ~25% of monthly actives.
  • Seller Ecosystem Performance:
    • Gross profit was $409 million, up 12% YoY.
    • Seller GPV up 4% YoY in Q3 and 8% in October; international GPV up 46% YoY in Q3 and 50% in October.
    • Online channels grew >50% YoY; card-not-present transactions up 23% YoY in October.
    • Square Card saw $250 million in spend, with 50% of users ordering the card within the first month.
    • Square Payroll added Instant Payments and On-Demand Pay integrations with Cash App.
  • Key Product Highlights:
    • Launched $100 million initiative supporting minority and underserved communities.

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Operator: Good day, ladies and gentlemen, and welcome to the Square Third Quarter 2020 Earnings Conference Call. I would now like to turn the call over to your host, Jason Lee, Head of Investor Relations. Please go ahead. Jason Lee: Hi, everyone. Thanks for joining our third quarter 2020 earnings call. We have Jack and Amrita with us today. If you’re experiencing any technical difficulties accessing our third quarter 2020 shareholder letter, it is also available on the SEC’s website. We’ll begin this call with some short remarks before opening the call directly to your questions. During Q&A, we will take questions from our customers in addition to questions from conference call participants. We would also like to remind everyone that we will be making forward-looking statements on this call. Actual results could differ materially from those contemplated by our forward-looking statements. Reported results should not be considered as an indication of future performance. Please take a look at our filings with the SEC for a discussion of the factors that could cause our results to differ. Also, note that the forward-looking statements on this call are based on information available to us as of today’s date. We disclaim any obligation to update any forward-looking statements, except as required by law. During this call, we will provide preliminary gross profit growth results for the month of October. These represent our current estimate for October performance as we have not yet c

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