Square Stock Surge: Evaluating Investment Potential Amid Cash App and Afterpay Expansion (SQ)

• Block, formerly known as Square, has been focusing on its Cash App banking services, attracting investor attention. The future performance of SQ stock, however, still largely depends on the direction of its merchant business.
• The company reported first-quarter earnings and revenue that exceeded estimates and unveiled new plans for Bitcoin. As of May 6, Square stock was down 10% for the year.
• Block faces growing competition and has replaced the head of its merchant Square business, Alyssa Henry, with Block and Twitter founder Jack Dorsey.

Block, previously Square, gears up for growth with Cash App and Bitcoin plans, despite facing stiff competition and a 10% drop in stock this year.

Square Stock: Cash App Growth

The growth trajectory of Square’s consumer Cash App, cryptocurrency Bitcoin, and the Afterpay acquisition are key issues for Block. The Square Cash App, which competes with PayPal’s Venmo and Zelle, helps individuals manage money, buy stocks and cryptocurrency, among other things. As of Dec. 31, the Cash App card had reached 23 million monthly active users, with 2 million Cash App deposit monthly active users.

Block Stock: Bitcoin Products

In late 2021, Square changed its name to Block, reflecting the company’s commitment to blockchain technology, which underpins cryptocurrency. Block aims to build infrastructure that enables bitcoin-based commerce on its merchant platform. In January, Square announced its Bitcoin digital wallet was available for Cash App users in 95 countries.

SQ Stock: Afterpay Acquisition

In early 2022, Square closed the acquisition of Australia-based consumer lending startup Afterpay. “Buy now, pay later” (BNPL) companies such as Afterpay compete with credit card networks. In another deal, Square acquired a majority stake in Jay-Z’s Tidal music strea... Read the full article for FREE at COINOTAG!