Transaction and Payment Processing Services

Block

Square/Block

CASH

Below is Dolphin Research's Trans of $Block(XYZ.US) FY26 Q1 earnings call. For the earnings analysis, please see 'US Alipay Block: growth driven by credit, profits from layoffs?'.1) Guidance (raised): FY2026 GP lifted to $12.33bn (+19% YoY; +100bps vs. prior). Adj. OP to $3.34bn with OPM at 27% (+100bps vs. prior), and Adj. diluted EPS $3.85 (+62% YoY)...

Pathward Fin

SQ (Trans): From app co. to AI co.

Financial Analysis

The US 'Alipay' — $Block(XYZ.US) (XYZ.US) — reported Q1 2026 results after the US close on May 8. The quarter was solid, with revenue and profit beating estimates and momentum improving. Guidance for next quarter was also constructive, with a positive tone on trends.1) Growth and profitability were both strong. Total revenue rose ~5% YoY, weighed by a sharp decline in bitcoin revenue.Ex‑bitcoin, core revenue was about $4.26bn (+~23% YoY). Growth accelerated by ~100bps vs. last quarter and was clearly ahead of Bloomberg estimates...

Grayscale Bitcoin Mini Trust ETF

SQ, the 'US Alipay': growth via credit, profits via layoffs?

Costco

COST

Global discount retail leader — $Costco Wholesale(COST.US) reported Q2 FY2026 results in U.S. after-hours today.The quarter ended on Feb 15.Overall, results remained solid, with both revenue and earnings slightly beating estimates.Momentum stayed intact.On headline metrics, total revenue rose 9.2% YoY, an acceleration vs. last quarter’s 8.3%.The pickup was aided by FX tailwinds and broadly higher precious metals and commodity prices.OP was $2.61bn, up 12.5% YoY.Margin expanded by 10 bps YoY, remaining on an improving trajectory...

Costco Wholesale

Costain Group PLC

Walmart

AI to Trigger Layoffs? COST Still a Safe Haven---

Conference Minutes

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Below is Dolphin Research's compiled FY25Q4 earnings call Trans for $Block(SQ.US). For the earnings analysis, see 'Block: US Alipay‑style platform slashes headcount by 40%! Is compute replacing labor?'.I. Core financial highlights review. II. Earnings call details; 2.1 Key messages from management.1) Core strategy and outlook. Rationale for the organizational overhaul: Despite strong 2025 performance, the company will reduce headcount from over 10,000 to just under 6,000...

Greenpower Motor

ANT GROUP

BABA-W

BABA-WR

Alibaba HK SDR 5to1

Alibaba

KraneShares 2x Long BABA Daily ETF

YieldMax BABA Option Income Strategy ETF

BABA 2x Long Daily ETF - GraniteShares

Block (Trans): Layoff tailwinds to kick in Q2, margins to trend higher

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The U.S. counterpart to Alipay — $Block(XYZ.US) (XYZ.US) reported Q4 2025 after hours on Feb 27. The surprise plan to cut headcount by 40% overshadowed the print.Driven in part by that announcement, the stock jumped over 20% post-earnings. The headline move drew most of the attention.As usual, we will first review the quarter, then discuss views on this near 'halve-the-company' move in the opinion section. 1) Core revenue and adj. profit beat expectations; on overall results...

Block: US 'Alipay' slashes headcount by 40%; is compute displacing labor?

Block 4Q25 First Take: Beyond the print, the company announced two major moves this quarter. First, it will lay off 40% of staff, cutting headcount from just over 10k to roughly 6k. Management said the business is improving, so the decision is not financial, but to boost organizational agility and leverage AI tools for much higher productivity. Separately, the company changed its reporting taxonomy. Headline segments remain Square merchant / Cash App / Other, but sub-categories shift from transaction/service/hardware/crypto to commerce-related/financial-related/Bitcoin-related. Historical financials were adjusted modestly, and we will reference legacy taxonomy for this quarter. Overall, results were solid. Core revenue ex-Bitcoin rose 22% YoY, beating the Street by ~5pct. GP grew 24% YoY, also ~5pct above estimates, with GPM continuing to improve on better mix and operating efficiency. A small blemish was opex coming in above Bloomberg consensus, largely because estimates were too low (–2% YoY). Actual opex rose 3.8% YoY, with no meaningful step-up in investment. On an Adj. OP basis, results still beat. By segment, Square merchant was soft, with revenue and GP both below expectations. The drag came from a QoQ slowdown in GPV growth. The bright spot was Cash App, with revenue and GP materially above estimates, as active users, inflows, and transaction counts all improved broadly. Guidance for next quarter was also above. The company guided GP of $2.8bn (+22% YoY), ~3% above consensus, and Adj. OP of $600mn vs. $575mn expected. The implied OPM is roughly in line, with OP outperformance driven by the stronger GP guide. $Block(XYZ.US)

ABTC

GBTC

SBET

NVAWW

Below is the earnings call minutes for Block in 2025Q3 compiled by Dolphin Research. For earnings interpretation, please refer to &#34;Plunged 15%, North America's Alipay Block 'Not That Guilty'&#34;. I. Review of Key Financial Data Full-Year Guidance: Q4 2025 gross profit is expected to increase over 19% year-over-year to $2.755 billion; Q4 adjusted operating profit is projected at $560 million, with an operating profit margin of 20%; full-year gross profit is estimated at $10.243 billion (+15%); full-year adjusted operating profit is anticipated to be $2.056 billion (+28%)...

American Bitcoin

Grayscale Bitcoin Trust BTC - ETF

Sharplink

Nova Minerals

VanEck Short Muni ETF

Ameriprise Financial

NOVA MINERALS LTD C/WTS 24/07/2029 (TO PUR ADS)

Block (Minutes): Bitcoin payment feature to be launched soon

CRCL

DLPN

On November 7th, after the U.S. stock market closed, Block (XYZ.US), a leading player in the U.S. payment sector, released its financial report for the third quarter of 2025. Overall, the performance this quarter was not poor. The core revenue, excluding Bitcoin trading business, and the adjusted net profit both exceeded expectations. The guidance for the next quarter also basically met expectations, with no significant flaws in the performance. The sharp drop in stock price was more due to macro market reasons. The key points are as follows: 1. Core revenue and profit slightly exceeded expectations: This quarter, Block's core revenue, excluding Bitcoin, grew by 17% year-on-year...

Circle

Dolphin ENT

Wt Inlt L-Cp Dvd

Plummeting 15%, North America's Alipay Block 'not guilty of this'

HOOD

Block 3Q25 Quick Interpretation: Overall, the company's performance this quarter was not bad. Although at first glance, total revenue and GAAP operating profit were below expectations, the former was dragged down by the Bitcoin trading business, which has high revenue but very low profit impact. Core revenue actually exceeded expectations. Similarly, the adjusted operating profit, which is more closely watched by the market and the company, also exceeded expectations. The company's guidance for 4Q, while not particularly outstanding, was generally in line with or slightly better than expectations. Therefore, Dolphin Research believes that the post-earnings plunge was more due to the overall decline in the US stock market. As long as the performance is not perfect and significantly exceeds expectations, the trend is generally downward. As a member of the cryptocurrency/stablecoin concept, the company's elasticity is relatively greater. Similarly, Hood and Circle also experienced similar declines yesterday, despite Hood's strong performance. Specifically: 1) Core revenue, excluding Bitcoin trading, grew by 17% year-on-year this quarter, significantly accelerating from 10% last quarter and better than expected. Adjusted operating profit was $480 million, also better than expected. The downside is that the year-on-year growth rates of revenue, gross profit, and adjusted profit are gradually slowing down, and the company's operating leverage is currently negatively amplifying. 2) In the Square segment, the total payment volume (TPV) grew by 12.2% year-on-year this quarter, accelerating by 2 percentage points from last quarter. The trend is also positive. The downside is that the gross profit of the Square segment grew by 9% year-on-year, which is slower than the TPV growth rate, indicating that the company has not been able to obtain proportional profit from the increased business volume. 3) In the Cash App segment, the gross profit excluding Bitcoin business grew by 25% year-on-year this quarter, accelerating by nearly 10 percentage points from last quarter, also showing strong performance. On the underlying metrics, the number of active users this quarter finally increased to 58 million after staying at 57 million for six quarters. The amount of funds flowing into the app reached $78.8 billion, also setting a new historical high. 4) Although the Bitcoin segment performed poorly despite the industry's recovery, its impact on profit is minimal. $Block(SQ.US)

Robinhood

Today’s Key News Recap

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1106 | Dolphin Research Focus: 🐬 Stocks 1. $XPeng(XPEV.US) On November 5th, XPeng Technology Day, the new generation humanoid robot IRON was officially unveiled and topped the trending searches, even sparking discussions suggesting it was &#34;a real person in disguise.&#34; It features a bionic design, with 82 degrees of freedom throughout the body and 22 degrees of freedom in the hands, equipped with 3 Turing AI chips and a physical world large model, with a total computing power of 2250 TOPS, and debuts solid-state battery technology. The robot is planned for mass production by the end of 2026...

XPENG-W

Airbnb

Moutai

Qualcomm

XPeng

SIASUN

Direxion Semicon Bear 3X

Direxion Semicon Bull 3X

iShares Semiconductor ETF

Semiconductor

New Hope

Alaska Air

Audience

News

XPeng humanoid robot's catwalk amazed the audience; Moutai announced repurchase + dividend｜Today's Important News Review

The Hat Selects Square Platform to Support Expansion, Opens First Las Vegas Location for Cross-State Operations

Canaccord Genuity Raises Block Price Target to $85, Maintains Buy Rating

RBC Capital Maintains Buy Rating on Block with $93 Price Target

BTIG and Wells Fargo Analysts Reiterate Buy Rating on Block

Block Inc Reports Strong Earnings

Citigroup raises Block's target price to $100

Block Surpasses Expectations with Increased Gross Margin and Post-Earnings Rally

Block raises 2026 gross profit forecast to $12.33 billion

Jack Dorsey Reimagines Block's Organizational Structure for the AI Era

Evercore ISI Analyst Maintains Buy Rating on Block

Truist Financial Analyst Maintains Buy Rating on Block

Block's CFO and COO Amrita Ahuja Sold 30,919 Class A Common Shares

Açaí Republic Chooses Square as Unified Business Platform

Cash App Launches Financial Education Service for Children

Square Payment Services Partnered with GOLFTEC for 200 Locations

Zacks Research Upgrades Block's Stock Rating to Strong Buy

Square Launches Restaurant Inventory Management System with AI Integration

Cash App Launches Installment Payment Feature for Financial Flexibility

Block, Inc. laid off 4,000 employees and then offered a chance to return to some employees

Truist Securities Raises Block’s Rating to Buy, Shares Rise in Pre-Market Trading

InMed Pharmaceuticals

AMPLITECH GROUP INC. USD0.001 S/R 20/11/26 SER B

Amesite

CN Energy

AMPLITECH GROUP INC. COM USD0.001 (S/R 18/07/2026)

NextNRG

Meiwu Tech

Generation Income Properties

MetaVia

OceanPal

COIN

The new 'buy-now-pay-maybe' crypto card by Tuyo reimburses users randomly for purchases, raising concerns about its gambling-like features. Critics argue it targets risky financial behaviors, potentially altering spending habits. While it functions like a debit card, the hidden odds of reimbursement may encourage unnecessary purchases. Consumer advocates warn that this model introduces gambling elements into everyday spending, with no guaranteed payouts. Tuyo's reliance on stablecoins also poses risks, despite regulatory measures.

- The Tuyo prepaid debit card utilizes a "buy-now-pay-maybe" feature, reimbursing users randomly for certain purchases, thus integrating gamification into everyday spending.  
- Critics argue this model encourages risky financial behaviors and alters spending patterns, particularly among those already engaged in gambling-like activities, potentially leading to greater consumer vulnerability.  
- Experts warn that such financial products, while marketed as innovative, may normalize addictive behaviors and increase financial risks, especially in a challenging economic landscape.

Dow Jones

Coinbase

JPMorgan Chase

Reddit

Amazon

JPMORGAN CHASE & CO. 4.20% DEP SHS REPSTG 1/400TH PFD SER MM

JPMORGAN CHASE & CO. 6%NON CUM DEP SHS REP 1/400TH PFD SER EE

JPMORGAN CHASE & CO. DEP REP 1/400TH (5.75% NON CUM PFD DD)

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JPMorgan Chase & Co.

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JPMORGAN CHASE & CO. 4.75 DEP SHS REP 1/400 NCUM PFD SR GG

This new 'buy-now-pay-maybe' crypto card may refund some of your purchases - but at what cost?

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CORZ

RIOT

Deloitte has acqui-hired Blocknative, a crypto infrastructure firm, to enhance Web3 innovation. Blocknative's API and Gas Network will operate until June 19, while the firm is winding down its operations. The Blocknative team will focus on advancing Web3 initiatives within Deloitte's client portfolio.

CoinLive

Mara

Core Scientific, Inc.

Riot Platforms

Hut 8 Mining

Bitdeer Tech

CleanSpark

Bitfarms Canada

Franklin Bitcoin ETF

Franklin Exponential Data ETF

Proshares Big Data Refiners ETF

iShares Bitcoin Trust ETF

ProShares Bitcoin Strategy ETF

ARK 21Shares Bitcoin ETF

WisdomTree Bitcoin Fund

iShares US Digital Infrastructure and Real Estate ETF

Invesco Galaxy Bitcoin ETF

VanEck Bitcoin ETF

Global X Cloud Computing ETF

Bitwise Bitcoin ETF

Fidelity Wise Origin Bitcoin Fund - ETF

Pacer Data & Infrastructure Real Estate ETF

CoinShares Bitcoin ETF

Global X Data Center & Dgtl Infrs ETF

Deloitte Acqui-hires Blocknative to Enhance Web3 Innovation

HSDT

ETHE

GLXY

BTBT

BingX Research reports a rapid convergence of traditional finance and digital assets over the past year, highlighting significant changes in fund flows, payment systems, and access to private assets. The focus has shifted from whether crypto will remain separate to the integration of these markets.

- BingX Research indicates a rapid convergence of traditional finance and digital assets over the past year.  
- This shift is evident in areas such as fund flows, payment systems, collateral usage, and access to private assets.  
- The primary focus now revolves around the future integration of crypto with traditional finance systems.

Solana

Grayscale Ethereum Staking ETF

Bakkt

Galaxy Digital

Bit Digital

BTCS

Valkyrie Bitcoin and Ether Strategy ETF

Amplify Transform Data Sharing ETF

Leverage Shares 2X Long CRCL Daily ETF

Fidelity Ethereum Fund

Invesco Galaxy Ethereum ETF

21Shares Ethereum ETF

Franklin Ethereum ETF

GraniteShares 2x Long MARA Daily ETF

Proshares Ether Strategy ETF

Bitwise Ethereum ETF

Bitwise Solana Staking ETF

GraniteShares 2x Long COIN Daily ETF

Siren ETF Trust Siren Nasdaq NexGen Economy ETF

Direxion Daily Crypto Industry Bull2XETF

Leverage Shares 2X Long COIN Daily ETF

Grayscale Solana Staking ETF

IShares Ethereum Trust ETF

Grayscale Ethereum Mini Staking ETF

VanEck Ethereum ETF

TradFi and crypto are no longer parallel markets by BingX Research

Tomoland, a Web3 user-generated content platform, has secured $2 million in funding led by Sky9 Capital, with participation from WAGMI Ventures and others. The funds will enhance the integration of user-generated content with Web3 ownership and promote the fusion of gaming ecosystems with the Web3 economy.

Tomoland Secures $2 Million in Funding to Enhance Web3 UGC Platform

Block(SQ.US)

This new 'buy-now-pay-maybe' crypto card may refund some of your purchases - but at what cost?

Deloitte Acqui-hires Blocknative to Enhance Web3 Innovation

TradFi and crypto are no longer parallel markets by BingX Research

Tomoland Secures $2 Million in Funding to Enhance Web3 UGC Platform

Binance Launches Block Street Trading Competition with Token Rewards

Payward, parent company of Kraken, reports $507M revenue in Q1 from expanded tokenization efforts.

Bitcoin News: Bitcoin Bounces to $77,000 on May 19 — But Three Market Signals Say the Worst May Not Be Over

The Hat Selects Square to Power Multi-State Expansion | XYZ Stock News

ZachXBT Criticizes Spartans and BlockDAG Operations