Block (NYSE:SQ) updated its full-year forecast upwards following a fourth-quarter earnings report that surpassed expectations, driven by successful monetization strategies for its Cash App payment application. This announcement led to a more than 17% increase in Block’s share price intra-day today.

For the year 2024, Block now anticipates an adjusted operating income of at least $1.15 billion, equating to a 13% margin, and an adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) of at least $2.63 billion, representing a 30% margin.

In the final quarter ending December 31, Block reported an adjusted earnings per share (EPS) of $0.45 on revenue of $5.77 billion. This compares to the analyst expectations of adjusted EPS of $0.67 on revenue of $5.71 billion.

The revenue beat was largely attributed to the Cash App’s contribution, which reported $3.91 billion in revenue and $1.18 billion in gross profit, marking increases of 31% and 25% year-over-year, respectively.

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