Block's Surprise Profit

Plus, Intuitive Machines lands on the moon.

Today is Friday, February 23, 2024.

The Early Bird Index today is 68.78.

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Block's Surprise Profit

Fintech company Block (NYSE: SQ) surprised investors with strong financial results on Thursday, sending shares up 13.23% in after-hours trading.

Financials: Block reported revenue of $5.77 billion in the past quarter, which was better than expected.

Powering the Story: It’s the surprise profit of $2.03 billion. Net revenue jumped 24%. Mobile payments tool Cash App, which Block owns, achieved a gross profit of $1.18 billion.

Outlook: Block expects its gross profit in the current quarter to exceed $2 billion, which is better than expected.

Stock Price: Block is down 8% in the past 12 months, but is up 2% in the last 30 days.

Final Thoughts: After a bad year for the mobile payments industry, 2024 is shaping up to be a comeback. Thanks to previous cost reductions, Block set itself up for good financial results.


Notable Earnings Today: Warner Bros. Discovery (Nasdaq: WBD), Bloomin' Brands (Nasdaq: BLMN), Scripps (Nasdaq: SSP), Lamar Advertising (Nasdaq: LAMR), Docebo (TSE: DCBO), AerCap (NYSE: AER), Sunstone Hotel (NYSE: SHO), Gray Television (NYSE: GTN), Frontier Communications Parent (Nasdaq: FYBR), RB Global (NYSE: RBA), TransAlta (NYSE: TAC), Northwest Natural Holding (NYSE: NWN) Diana Shipping (NYSE: DSX).

Notable IPOs Today: Lotus Technology Inc. American Depositary Shares (Nasdaq: LOT), NYIAX, Inc. Common Stock (Nasdaq: NYX).

Notable Equity Crowdfunding Campaigns Ending Today: Nighthorse (Mainvest), Stellar Pizza (Wefunder), Red Rover Creamery (Mainvest), Orgfarm (Wefunder), CMN (Netcapital), Mindkee (Honeycomb).

Notable Economic Events Today: N/A.

Intuitive Machines Goes Lunar

The U.S. is back on the moon! Intuitive Machines (Nasdaq: LUNR) skyrocketed 37.19% in after-hours trading on Thursday after the space company landed on the moon.

Details: The lunar lander from Intuitive Machines, called Odysseus, landed on the surface of the moon on Thursday evening, becoming the first U.S. mission to land on the moon in over half a century. It is the first privately-built craft to land on the moon.

Background: This mission means everything to Intuitive Machines. The company went public via SPAC (Special-purpose acquisition company) last year, but the stock has dropped nearly 60% due to financial hiccups.

Final Thoughts: Can Intuitive Machines continue these missions to the moon? That’s the objective, as the company has other missions to the moon planned for later this year.

Intuit’s Disappointing Outlook

Financial software company Intuit (Nasdaq: INTU) slipped by 1.66% in after-hours trading on Thursday after posting mixed financial results

Financials: Intuit reported earnings of $2.63 per share in the past quarter, which was better than expected. Revenue was $3.4 billion, which was expected.

Outlook: The company reiterated its guidance for the current quarter, with revenue growth between 10% to 11%. However, investors were expecting a better outlook. This current quarter is tax season and Intuit’s tax software TurboTax is really popular.

Final Thoughts: Intuit is up 59% in the past 12 months. Could 2024 be a setback for the company?

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The contents from Early Bird are for informational and entertainment purposes only and do not constitute financial or legal advice.