General Commentary & Highlights
- While Block works to fix its corporate challenges including a recently announced and much-needed expense reduction program, Square continues to demonstrate steady (though not spectacular) progress in the organic international expansion of its core merchant products, which achieved $380M of annualized gross profit in the most recent quarter.
- Square becoming more visible in key European markets, including UK, FR, and ES, though not yet disruptive (small market share in each of these markets).
- AfterPay results less impressive, achieving 22% YOY gross profit growth as credit conditions worsen.
- International FTE now comprise c. 27% of total company FTE (25% YE ’22). The company currently 96 open LinkedIn job positions, with 46% of them being international. Please do not hesitate to contact Joel van Arsdale at Joel@FlagshipAP.com or Pedro Giesta at Pedro@FlagshipAP.com with comments or questions.