Block Inc logo is seen displayed in this illustration taken, April 10, 2023.
Dado Ruvic | Reuters
Block reported first-quarter earnings after the bell that exceeded analysts’ estimates. The stock rose about 10% in extended trading.
Here’s how the company did, compared to analysts’ consensus from LSEG.
Earnings per share: 85 cents adjusted vs. 72 cents adjusted that was expected
Revenue: $5.97 billion vs. $5.82 billion expected
Block posted $2.09 billion in gross profit, up 22% from a year ago. Analysts tend to focus on gross profit as a more accurate measurement of the company’s core transactional businesses.
The company reported net income of $472 million, or 74 cents per share, more than quadruple the net income of $98.3 million, or 16 cent per share, a year earlier.
The company raised its adjusted EBITDA forecast for the second quarter to $690 million from $670 million.
Block, formerly known as Square, ended the year with 57 million monthly transacting actives for Cash App in March, up 6% year-over-year. Inflows per transacting active were $1,255, up 11% year over year.
The Cash App business, which is the company’s popular mobile payment platform, reported $1.26 billion in gross profit, a 25% year-over-year jump. Block, run by Twitter co-founder Jack Dorsey, said its Cash App Card monthly active users increased to 24 million in March.
Block is also more focused on integrating Afterpay, the buy-now, pay-later company it bought for $29 billion in 2021. Afterpay struggled following the deal, posting biglosses.
Block has slimmed down operations in recent months. In January, Dorsey reportedly said in a note to staffers that the company had laid off a “large number” of workers. This followed another round of layoffs in December.
Chief financial officer Amrita Ahujasaid in a call with CNBC that the company is raising its outlook for the year to reflect its strong performance in the first quarter.
Dorsey’s note to shareholders began by directly addressing a question that he often fields: “Why the hell are you all spending so much time on bitcoin?”
“Less than 3% of company resources are dedicated to bitcoin-related projects,” Dorsey wrote. “But why spend time on bitcoin at all? We believe the world needs an open protocol for money, one that’s not owned or controlled by any single entity.”
Bitcoin, said bitcoin will ultimately help Block “serve more people around the world faster.” He added that going forward, Block will be investing 10% of its gross profit from bitcoin products into purchases of bitcoin for investment.
“We were one of the first public companies to put bitcoin on our balance sheet,” he wrote.
The $220 million the company invested into bitcoin has grown 160% to $573 million as of the end of the first quarter, according to Dorsey.
Federal probe into Block
Cash App remains a significant contributor to overall profitability at the company.
The Block CFO told CNBC that the fintech firm has seen “continued resilience of spend” with not only growth in actives, but also growth in spend per monthly active user on a year-over-year and quarter-over-quarter basis.
“Which shows us again, continued resilience of this customer base and strong engagement with our product,” said Ahuja.
Shares in Block dropped 8% percent on Wednesday after an NBC investigation claimed that U.S. prosecutors were probing the company’s compliance practices based on information leaked to them by a former employee of the company.
“Most of the transactions discussed with prosecutors, involving credit card transactions, dollar transfers and bitcoin, were not reported to the government as required,” the NBC story alleged.
The whistleblower reportedly gave the government materials showing breaches in know-your-customer and anti-money laundering rules, as well as evidence indicating that management ignored these lapses.
Unlike past reports of possible wrongdoing at the company, the latest allegations encompass both Cash App and the company’s Square point-of-sale technology. It also includes within its scope international payments, sanctioned nations, and breaches of the Office of Foreign Assets Control. In September, Alyssa Henry stepped down as Square CEO. Dorsey stepped in to fill the role and no successor has been announced.
A separate report in February published by the same NBC reporter found that two whistleblowers had gone to the U.S. Treasury’s Financial Crimes Enforcement Network, or FinCEN, to share similar allegations. The popular payment app “had no effective procedure” to establish the identity of its customers, two whistleblowers told officials, according to NBC.
Analysts for Macquarie wrote in a note on Wednesday that should the Federal probe find merit in these claims, they see greater potential for fines or behavioral remedies such as robust oversight teams and infrastructure rather than “something structural like limitations on the types of business it can do.”
Last year, short seller Hindenburg Research levied similar claims, alleging that Block allowed criminal activity to operate with lax controls and “highly” inflates Cash App’s transacting user base, a key metric of performance.
Hindenburg described Block’s internal systems as a “‘Wild West’ approach to compliance.”
— CNBC’s Michael Bloom and Kate Rooney contributed to this report.
After a record-breaking year for electric vehicles, automakers are kicking off 2025 with significant discounts. With leases starting under $300 a month, these are some of the best EV deals to take advantage of this February.
Over 1.3 million electric vehicles were sold in the US last year, with new models like the Honda Prologue and Chevy Equinox EV hitting the market.
Honda and GM alone sold nearly 80,000 more EVs alone last year than they did in 2023, while Hyundai, Kia, Ford, Toyota, and Nissan also saw gains.
Tesla Model Y and Model 3 remained the top-selling models, but new entrants are gaining traction, with the Prologue placing seventh and the Equinox EV at eighth.
Although an influx of new EVs helped boost sales, the growth was largely thanks to massive incentives, making them on par with or even cheaper than similar gas-powered cars.
For example, at just $209 per month, you can lease a Honda Prologue for less than a 2025 Civic sedan despite costing over $20,000 more. The Tesla Model 3 is also cheaper than a Honda Civic at just $249 per month right now.
Best EV lease deals for under $300 a month in February
The Honda Prologue is listed for $209 per month for 24 months. With $2,699 due at signing, the effective cost is $321 per month. In California and other ZEV states, it’s even lower at just $278. A 2025 Honda Civic Sedan will run you $269 per month for 36 months. With $3,699 due upfront, the effective rate is $371, or $50 more per month than the Prologue.
Honda is not the only one offering significant savings on popular EV models this month. Tesla, Chevy, Hyundai, Kia, Toyota, and several others are offering EV lease deals for under $300 a month in February. You can find deals in your area at the bottom.
Lease From
Term (months)
Due at Signing
Effective rate per month (including upfront fees)
2025 Kia Niro EV
$149
24
$3,999
$315
2024 Kia EV6
$179
24
$3,999
$345
2024 Hyundai IONIQ 5
$189
24
$3,999
$355
2025 Hyundai IONIQ 5
$229
24
$3,999
$395
2024 Hyundai IONIQ 6
$159
24
$3,999
$326
2025 Hyundai IONIQ 6
$169
24
$3,999
$335
2024 Volkswagen ID.4
$149
24
$999
$191
2024 Fiat 500e
$211
42
$211
$216
2024 Toyota bZ4X
$219
36
$2,999
$302
2024 Honda Prologue
$209
24
$2,699
$321
2024 Subaru Solterra
$279
36
$279
$287
2025 VinFast VF 8
$279
24
$695
$308
Tesla Model 3
$249
36
$2,999
$332
Tesla Model Y
$299
36
$2,999
$382
2024 Chevrolet Equinox EV
$299
24
$3,169
$431
Best EV lease deals for under $300 a month in February 2025 (*Updated 02/05/2025)
The 2025 Kia Niro remains one of the most affordable EVs you can lease this month. It starts at just $149 per month for 24 months, with $3,999 due at signing.
Kia is offering deals on its other electric models, including the 2024 EV6, starting at just $179 per month. The three-row EV9 can be leased for $399 per month for 24 months, with $4,999 due at signing.
Although the 2024 Hyundai IONIQ 5 is a great deal at just $189 per month, the upgraded 2025 model may be even better.
The new 2025 Hyundai IONIQ 5 now has more range with up to 318 miles, an upgraded interior and exterior design, and even has an NACS port for charging at Tesla Superchargers. At just $229 for 24 months with $3,999 due at signing, the effective rate is just $395 per month.
To sweeten the deal, Hyundai is also offering a free ChargePoint Level 2 home EV charger with every 2025 IONIQ 5 purchase or lease.
Chevy introduced new deals on its new EV models, including the Equinox, Blazer, and Silverado, last month, worth up to $5,000 in savings.
The 2024 Chevy Equinox EV can be leased for $299 per month for 24 months. With $3,169 due at signing, the effective rate is $431.
Automakers are offering significant EV deals to start the year. However, with Trump reportedly planning to end federal incentives, including the $7,500 EV tax credit, the savings could soon disappear.
Ready to take advantage of the savings while they last? Although we are known for breaking news, we can also help you find deals on popular electric vehicles. You can use our links below to view offers on popular EV models in your area.
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Today’s Green Deals are headlined by Lectric’s Valentine’s Day sale that is running through February 15 with up to $654 bundles accompanying the lineup of e-bikes, as well as a separate 40% discount on its pet trailer. The focus of this sale is on the brand’s XP 3.0 e-bikes that are getting passenger packages to take your loved ones along for the ride, starting from $999. There’s also a Bluetti flash sale on six backup power solutions, with the latest Handsfree Backpack Power Stations hitting new low prices from $199. We also spotted the EGO Power+ 56V 15-inch Split-Shaft Cordless Electric String Trimmer with a rapid-reload head down at $159. Plus, all the other hangover Green Deals are in the links at the bottom of the page, like yesterday’s Blix Valentine’s sale offers, the returning low price on Jackery’s Explorer 100 Plus, and more.
Lectric Valentine’s Day sale offers up to $654 in free gear while XP 3.0 e-bikes get passenger bundles – all from $999
Lectric’s Valentine’s Day sale promotions have launched through February 15 with up to $654 in free gear accompanying your purchase. While you’ll find the largest bundles on the brand’s XPedition 2.0 cargo models, this sale wants to focus on spending time with your loved one by offering a passenger package along with its XP 3.0 e-bikes that start from $999 shipped, with the long-range models getting some additional free gear to boot. These aren’t the largest bundles we’ve seen for these models, but they are certainly one of the few times we’ve seen gear included that was intended to help you haul around another person instead of just inanimate cargo. You can also save 40% on the Wag-Along Pet Trailer during this sale at $107, down from $179.
The most popular of the brand’s commuting solutions, the XP 3.0 e-bikes all sport a 500W hub motor that peaks up at 1,000W to hit 20 MPH speeds, which can go higher up to 28 MPH speeds, depending on your state’s regulations. The main difference between the standard models and the long-range models (aside from the $200 price difference) is the battery – which will either provide you with 45 miles of travel (standard) or up to 65 miles (long-range) when utilizing the PAS support. Keep in mind for folks who enjoy cruising with only electric power that you’ll get about half the mileage. Along with the free add-on gear, you’ll also enjoy some quality stock features, like the integrated rear cargo rack, puncture-resistant tires, 180mm hydraulic disc brakes, a foldable body, an LCD display, and more.
Lectric Valentine’s Day sale XP 3.0 offers with up to $187 bundles
XP Lite 2.0 Arctic White e-bike, 20 MPH for 80-mile range: $999 (Reg. $1,127)
XP Lite 2.0 Sandstorm e-bike, 20 MPH for 80-mile range: $999 (Reg. $1,127)
XP Lite 2.0 Lectric Blue e-bike, 20 MPH for 80-mile range: $999 (Reg. $1,127)
XP Lite 2.0 Lavender Haze e-bike, 20 MPH for 80-mile range: $999 (Reg. $1,127)
Bluetti’s limited 46% off flash sale drops latest Handsfree backpack power stations to new lows from $199
Bluetti has launched the first wave of its planned limited-time flash sales for the next week, with six solid backup power solutions getting up to 46% taken off their price tags. Some of the notable inclusions that are beating out the brand’s fall and winter holiday sales is the latest Handsfree 1 and Handsfree 2 Backpack Power Stations that are down at $199 shipped and $299 shipped. Now carrying $369 and $499 price tags after New Year’s Day, after falling from their original $429 and $599 MSRPs from their launch in October, in the past sales since we’ve been seeing them return to $299 and $399. That’s changing today as they’re dropping lower than ever before, saving you $170 ($230 off MSRP) and/or $200 ($300 off MSRP) at new all-time lows.
The perfect backup power devices for folks who are always on-the-go out in nature, the Handsfree 1 and Handsfree 2 power stations come with an ultra-slim design that fits nicely in their complimentary 42L and 60L backpacks – with plenty more room to spare for other essential camping, hiking, and outdoor gear. With the Handsfree 1, you’re looking at a 268.8Wh LiFePO4 battery (with 300W output surging to 450W) while the Handsfree 2 provides a larger 512Wh LiFePO4 capacity (700W surging to 1,200W). Both models provide five ports to cover your devices and small appliances: one AC port, two USB-A ports, and two USB-C ports.
Recharging speeds are as convenient as they are fast (good for last-minute plans), with either able to hit 80% in 45 minutes via a wall outlet while reaching a full battery takes a little longer at 1.5 hours for the Handsfree 1 and 1.3 hours for the Handsfree 2. Of course, an outdoor-minded power station wouldn’t be much help without solar charging – with both able to get back to full in 3 hours with a 120W panel (they have a max of 200W and 350W solar inputs). The bags come splash-resistant, with easy access to the power station’s port through the side flap, and plenty of layers of compartments, outer buckles, and more for your additional equipment.
AC300 (2,764.8Wh) with expansion battery and alternator charger: $1,599 (Reg. $2,998)
This EGO Power+ 56V 15-inch cordless electric string trimmer comes with a split-shaft and rapid-reload head for $159
Amazon is offering the EGO Power+ 56V 15-Inch Cordless Electric String Trimmer with a 2.5Ah battery for $159 shipped. More recently fetching $179 in the past months, with an original $200 price tag, we haven’t seen the price budge lower since July, keeping to its lower going rate. That’s changing here today as it drops another $20 unexpectedly, giving you the third-lowest price we have tracked – just $10 above the all-time low from May.
EGO Power+ is one of the less-discounted brands of reliable electric tools, so seeing this string trimmer with a split-shaft fall this low is definitely a cause to jump for many fans of the brand. This model provides a 15-inch cutting swath while also featuring a rapid-reload head for quicker and easier replacement of any broken lines. There’s also a variable speed control for the various jobs and conditions you may be working around, as well as an IPX4 weather-resistant build to stand up to sudden weather changes while you’re in the middle of things. You’ll also be getting an included charger and 2.5Ah battery that comes interchangeable with the brand’s other tools.
Best New Year EV deals!
Rad Power RadWagon 5 Cargo e-bike with $200 accessory (new): $2,399
Rad Power Radster Road Commuter e-bike with $200 accessory (new): $2,199
Rad Power Radster Trail Off-Road e-bike with $200 accessory (new): $2,199
Heybike Mars 2.0 Folding Fat-Tire e-bike with free gear: $999 (Reg. $1,499)
Best new Green Deals landing this week
The savings this week are also continuing to a collection of other markdowns. To the same tune as the offers above, these all help you take a more energy-conscious approach to your routine. Winter means you can lock in even better off-season price cuts on electric tools for the lawn while saving on EVs and tons of other gear.
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Elon Musk has poached a long-time Tesla engineer to help with his work at the Department of Government Efficiency (DOGE).
The Tesla CEO appears to feel invincible right now because he did that while he and Tesla’s board are being sued for breach of fiduciary duties and resource tunneling.
The lawsuit was filed in Delaware by the Cleveland Bakers and Teamsters Pension Fund (CB&T), Daniel Hazen, and Michael Giampietro, on behalf of Tesla shareholders.
Even after the lawsuit was filed, Musk continued to give the lawyers behind it more ammunition by poaching Tesla employees for his many private businesses.
Now, we learn that Musk even poached a Tesla engineer to help in his new role under the Trump administration.
Wired reports that Thomas Shed, a Tesla engineer, has been made “the director of Technology Transformation Services” (TTS), a division of the General Services Administration.
According to his LinkedIn profile, Shed was working on “software, camera and teams that run the vehicle and battery factories” at Tesla as recently as last month:
The report states that Musk recruited several young engineers from his companies and placed them in government positions to advance his anti-DEI and cost-cutting efforts.
In Shed’s case, he appeared to have come directly from Tesla into his new government role under Musk.
Electrek’s Take
I can hear the lawyers cheering from here. Elon’s breaches of fiduciary duties are pretty blatant. The problem is that the lawsuit will take years to resolve.
In the meantime, Elon will string shareholders along, telling them that everything he is doing is for the good of Tesla. I hope fewer of them will believe him this time.
And before all you Elon fans attack me in the comments for simply reporting on this, please provide counter-arguments to the point made in this article. That’s the only thing that matters.
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