Block Inc. is best known in Australia for its $29bn acquisition of “buy now, pay later” company Afterpay, but this San Francisco-based fintech has many other strings to its bow, plus it resides in the heart of the US-based technology hub. Small businesses use its namesake product, Square, to receive payments, while it also has a cash app for money transfers, Tidal for music streaming and Spiral for Bitcoin operations. The company prioritised AI last year to increase efficiencies/experiences for its customers with a number of features released last October, e.g. retailers can ask questions to develop better user profiling. They appear to be in a good position as their users embrace AI to offset labour issues and improve customers’ experience.
- Block reported a very strong set of quarterly results overnight, underpinning the stock in the US and that will translate into a big pop locally this morning. The ‘beat and bump’ in terms of earnings & guidance is a great combination for share price performance!
MM is bullish on SQ2
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