Posted 4/2/2024, 6:10:17 AM
Block Soars Past Expectations with 26% Revenue Growth, Sets Sights on Becoming Primary Bank for Underserved
- Block delivered strong FY2023 results with 26% YoY revenue growth and 25% YoY gross profit growth, exceeding expectations
- Guidance calls for at least 15% YoY gross profit growth in FY2024, with potential for over 20% growth
- Block is targeting a $205B total addressable market, with 95% penetration upside remaining
- Block's growth strategy focuses on converting users to primary banking clients, serving families, and building a next-gen social bank
- Updated valuation model suggests Block's shares deserve a higher price target of $104