Transaction and Payment Processing Services

Block

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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...

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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...

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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)

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0226 | Dolphin Research focus: 🐬 Stock 1, $Alibaba(BABA.US). Alibaba Cloud Bailian launched the 'Coding Plan', integrating APIs for four mainstream models — Qwen3.5, GLM-5, MiniMax M2.5 and Kimi K2.5 — making it the only cloud provider globally to offer this combo.Lite plan is priced at RMB 7.9 for the first month and RMB 40 for the second; Pro plan at RMB 39.9 for the first month and RMB 200 for the second, with free model switching. The aim is to lower AI coding barriers through aggressive pricing and full-stack model coverage...

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Alibaba Cloud rolls out dirt-cheap AI coding bundle; JD's 'Billion-yuan Supermarket' reignites subsidy rush | Daily News Recap

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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%)...

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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

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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

North Dakota Investment Committee Buys 18,672 Shares of Block as Analysts Raise Price Targets

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

Zacks Downgrades Block to Hold, Raymond James Upgrades to Moderate Buy

BTIG and Wells Fargo Analysts Reiterate Buy Rating on Block

Block Inc Reports Strong Earnings

Square Adds Pick-Up Windows for Quick Service Restaurants to Boost Efficiency

Citigroup raises Block's target price to $100

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

Block released FY2026 Q1 earnings on May 7 After-Market EST, actual revenue USD 6.057 B (forecast USD 6.029 B), actual EPS USD -0.52 (forecast USD 0.2962)

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

Evercore ISI Analyst Maintains Buy Rating on Block

US Bancorp DE Reduced Holdings in Block Inc. in Q4

Block to release FY2026 Q1 earnings on May 7 After-Market EST, forecast revenue USD 6.018 B, EPS USD 0.276

Truist Financial Analyst Maintains Buy Rating on Block

Cash App Launches Financial Education Service for Children

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

Square Releases Local Economic Report: Regular Customers Generate Six Times the Revenue of One-Time Shoppers

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

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North Dakota State Investment Board Acquires Shares of 18,672 Block, Inc. $XYZ

Block, Inc. (SQ.US) Q3 2024 Earnings Conference Call

The North Dakota State Investment Board acquired 18,672 shares of Block, Inc. (NYSE:XYZ) valued at approximately $1.2 million during Q4, as per its 13F filing. Analysts have raised target prices for Block, with ratings predominantly at 'buy'. Insider trading activity includes sales by Owen Britton Jennings and Brian Grassadonia. Block's stock opened at $69.18, with a market cap of $41.17 billion and a P/E ratio of 54.04.

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Claude AI outlines three potential scenarios for Bitcoin: remaining range-bound, breaking out to $90,000, or pulling back if the Fed rate cut is already anticipated. The analysis emphasizes that the Fed's tone and liquidity signals significantly influence Bitcoin's movement, more so than the initial rate cut size. Currently, Bitcoin is trading between $77,000 and $82, with traders awaiting a macro trigger for a breakout.

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Claude AI outlines three Bitcoin paths ahead of Fed rate cut

Stocks in the S&P 500 are experiencing varied performance, with Block (XYZ) leading a significant increase in EPS estimates at 32.5%, compared to a 7.2% rise in its stock price. Other companies like Allstate (ALL), Morgan Stanley (MS), and Citigroup (C) also show similar trends where EPS estimates have outpaced stock price increases. This indicates potential growth in these companies, particularly in light of recent earnings reports and advancements in AI technology.

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ALLSTATE CORP 5.1% PREF 15/01/2053

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Stocks in this sector of the S&P 500 are -2-

RBC Capital analyst Daniel Perlin has maintained a Buy rating on Block, setting a price target of $93.00, while the shares closed at $69.78. The analyst has an average return of -9.6% and a 36.02% success rate. The overall analyst consensus for Block is a Strong Buy with an average price target of $88.61, indicating a potential upside of 26.98%. BTIG also reiterated a Buy rating with a $90.00 price target.

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New Buy Rating for Block (XYZ), the Technology Giant

Zacks Research has downgraded Block (NYSE:XYZ) from a "strong-buy" to a "hold" rating. Other analysts have mixed views, with Raymond James upgrading to "moderate buy" and BMO Capital Markets issuing a "market perform" rating. Block's stock opened at $69.87, with a 52-week range of $48.21 to $82.50. The company reported $0.85 EPS for the last quarter, exceeding estimates, and has set guidance for Q2 2026 at 0.860 EPS. Insider trading activity has seen significant share sales recently, with 11.37% of stock held by insiders.

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RAYMOND JAMES FINANCIAL INC 6.375%DEP SHS REP 1/40TH FXD FLTG SER B

Zacks Research Downgrades Block (NYSE:XYZ) to Hold

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COIN

FETH

Blockaid has unveiled Risk Exposure, a real-time compliance suite designed for institutional use. According to NS3.AI, the platform is capable of screening over 500 million transactions monthly. The suite offers tools to screen inflows before funds are accepted and to monitor wallets, pools, and counterparties for any tainted exposure. This launch is targeted at banks, asset managers, custodians, and payment processors that are engaged in continuous onchain operations.

Blockaid Introduces Real-Time Compliance Suite for Institutions

Block(XYZ.US)

North Dakota State Investment Board Acquires Shares of 18,672 Block, Inc. $XYZ

Claude AI outlines three Bitcoin paths ahead of Fed rate cut

Stocks in this sector of the S&P 500 are -2-

New Buy Rating for Block (XYZ), the Technology Giant

Zacks Research Downgrades Block (NYSE:XYZ) to Hold

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$1000 Invested In Block 10 Years Ago Would Be Worth This Much Today

Block (XYZ): New Buy Recommendation for This Technology Giant

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