For the months of January and February 2022, Block Inc. (NYSE:SQ) expects Square gross payment volume to rise 35% Y/Y for Cash App gross profit to rise on a Y/Y basis, without giving a percentage estimate. Square GPV growth slowed down in January, but recovered in February as the Omicron variant faded. The Cash App's profit growth is primarily from growth in monthly transacting actives, engagement across the ecosystem, and inflows into the app, Block said. Still, Block (SQ) stock was down 3.4% in after-hours trading. Q4 gross payment volume of $46.3B vs. $45.4B in Q3. Q4 adjusted EPS of $0.27 vs. average analyst estimate of $0.22, decreased from $0.37 in Q3 and $0.32 in the year-ago quarter. Q4 total net revenue of $4.08B topped $4.06B consensus and compared with $3.94B in Q3; it rose 29% Y/Y. Excluding bitcoin, total net revenue was $2.12B vs. $2.03B in Q3, and up 51% Y/Y.
North Carolina Eyes Crypto for Pension Funds
