<p>Block NYSE: XYZ，Square 和 Cash App 背后的公司，交出了远超预期的强劲季度业绩，提高了全年指引，并显示其激进的重组可能已经开始发挥作用。</p>
<p>在最显著的指标上，该公司在年初的前三个月表现优于预期，其增长和盈利能力均朝着正确的方向大幅提升。</p>
<p>事实上，它现在稳固地达到了 40 法则，这是一个备受关注的增长阶段科技公司的衡量标准。</p>
<p>然而，投资者仍然有理由保持谨慎。股票的定价已经反映了其近期的成功。</p>
<p>问题在于，如果公司的转型继续取得成效，还有多少增长空间。</p>
<h2>Block 实现强劲增长和盈利能力</h2>
<p>从多个指标来看，Block 的第一季度表现出色。公司的毛利润同比增长 27%，达到 29.1 亿美元。同时，它产生了 7.28 亿美元的调整后营业收入，毛利润率为 25%。这两个百分比的增长总和超过了 40，远超行业 “规则”。换句话说，收入的增长和将其转化为收入的效率都在以令人钦佩的速度同步上升。</p>
<p>总体而言，本季度的收入为 60.6 亿美元，同比增长 5%。正如数字所示，这些收入流向了底线。调整后的稀释每股收益增长 52%，达到 85 美分，远超公司内部指引。调整后的息税折旧摊销前利润（EBITDA）达到了创纪录的 10 亿美元。从表面上看，这些数字无疑是稳健的。</p>
<h2>Cash App 领先，Square 提供稳定性</h2>
<p>Block 由两个不同但互补的业务驱动。一方面是 Cash App，这个面向消费者的移动平台让数百万美国人可以发送资金、投资股票、购买比特币并访问基本银行服务。另一方面是 Square，这个商户服务平台帮助中小型企业接受支付、管理库存和处理工资。</p>
<p>在前三个月中，Cash App 是明星。其毛利润同比增长 38%，达到 19.1 亿美元，约占总额的三分之二，得益于与 Cash App 卡和银行功能等金融服务产品的更深入互动。</p>
<p>Square 表现稳健，但以 9% 的速度稳定增长，利润达到 9.82 亿美元。其消费者业务的增长与商户业务的稳定结合，使 Block 具备了长期吸引力。</p>
<p>鉴于业绩，该公司将 2026 年的全年目标上调至 19% 的毛利润增长，总毛利润为 123.3 亿美元，调整后的营业收入为 33.4 亿美元，调整后的每股收益增长 62%。在这一指引中，Block 对人工智能的战略押注也嵌入其中，Block 声称这将改善个性化、提升风险管理并发现新的收入机会。</p>
<h2>重组和人工智能带来新风险</h2>
<p>不过，有一个脚注值得注意。在更严格的会计基础上，Block 确实报告了归属于股东的 GAAP 净亏损为 3.09 亿美元，以及 GAAP 运营亏损为 1.72 亿美元。其未调整的净亏损为每股 52 美分。</p>
<p>这些光鲜的调整后数字与未调整的亏损之间的差距主要源于 8.52 亿美元的重组成本和其他一次性费用。超过一半的费用是在 2 月份 Jack Dorsey，Block 的董事长、联合创始人及 Block Head（公司称呼他）宣布将裁员 40% 并将工作转向人工智能后产生的。公司在 4 月初解释称，Block 的 100% 员工现在都在使用人工智能工具进行工作。</p>
<p>但作为季度费用的一部分，公司还披露因正在进行的司法部对 Cash App 合规性和治理实践的调查而预留了 2.4 亿美元的储备金。</p>
<h2>华尔街喜欢这个故事但有顾虑</h2>
<p>所有这些消息使得股票反弹。Block 的股票比一年前高出约 20%，那时它刚刚加入 S&amp;P 500，但年初至今仅上涨约 7%。本季度令人印象深刻的盈利结果导致股价立即上涨 10%，但投资者对某些领域表示了担忧。</p>
<h3>Block, Inc. (XYZ) 2026 年 5 月 20 日的价格图表</h3>
<p>60.6 亿美元的收入虽然增长了 5%，但未能达到更高的预期。未调整的 GAAP 亏损让一些投资者感到不安，而可能的司法部和解储备也对市场情绪造成了影响。</p>
<p>覆盖 Block 的分析师总体上持乐观态度，但也保持谨慎。共识评级为适度买入，30 位分析师推荐该股票为买入，6 位称其为持有，仅有 1 位建议卖出。12 个月的平均目标价为 84.94 美元，意味着从最近约 70 美元的交易价格来看有约 20% 的上涨空间。在所有预测中，最乐观的目标价达到 100 美元。</p>
<h2>竞争和估值仍然重要</h2>
<p>鉴于其表现，Block 显示出令人振奋的理由。但它也显示出风险。该公司在一个竞争激烈的市场中运营。Cash App 面临着资金充足的竞争对手，包括 PayPal 的 Venmo（NASDAQ: PYPL）、Chime（NASDAQ: CHYM）和 SoFi（NASDAQ: SOFI）等新银行。Square 则与传统银行拥有的商户服务和其他商户平台竞争，包括 Fiserv 的 Clover（NASDAQ: FISV）、Toast（NYSE: TOST）和 Shopify（NASDAQ: SHOP）的销售点解决方案。</p>
<p>还有监管风险的问题。Cash App 的比特币交易及其新推出的金融服务功能处于一个可能会不可预测变化的环境中。而公司的 GAAP 亏损，尽管可以解释，但如果投资者转移关注点，将使其面临脆弱。</p>
<p>估值本身并不一定便宜。Block 的估值相较于传统支付处理商有着真实的溢价。只要毛利润持续上升，这个溢价是可以辩护的，但如果增速放缓，可能会留下很小的容错空间。</p>
<p>不过，Block 绝对值得在成长型投资者的买入清单上占有一席之地。只需了解风险，关注数字，不要把所有现金都投入。</p>
<h2>你现在应该投资 1,000 美元在 Block 吗？</h2>
<p>在考虑 Block 之前，你需要听听这个。</p>
<p>MarketBeat 每天跟踪华尔街顶级评级和表现最佳的研究分析师及其推荐给客户的股票。MarketBeat 已经识别出五只股票，顶级分析师正在悄悄地向客户推荐在更广泛的市场注意到之前购买……而 Block 并不在名单上。</p>
<p>虽然 Block 目前在分析师中获得了中等买入评级，但顶级分析师认为这五只股票更值得购买。</p>
<p>在这里查看这五只股票</p>

<p>Block Inc. 报告了强劲的财报，毛利润同比增长 27%，达到 29.1 亿美元，调整后的每股收益增长 52%，达到 85 美分。由于现金应用程序的利润增长 38%，公司上调了 2026 年的业绩指引。然而，由于重组成本，公司也面临着 3.09 亿美元的 GAAP 净亏损。尽管财报发布后股价上涨了 10%，但对未达收入预期和持续的监管问题仍然存在担忧</p>

<p>Block NYSE: XYZ, the company behind Square and Cash App, delivered a much stronger quarter than expected, raised full-year guidance, and showed that its aggressive restructuring might already be helping.</p>
<div class="lb-trans"><p>Block NYSE: XYZ，Square 和 Cash App 背后的公司，交出了远超预期的强劲季度业绩，提高了全年指引，并显示其激进的重组可能已经开始发挥作用。</p>
</div><p>For the most visible metrics, the company outperformed in the first three months of the year, and its growth and profitability both jumped in the right direction.</p>
<div class="lb-trans"><p>在最显著的指标上，该公司在年初的前三个月表现优于预期，其增长和盈利能力均朝着正确的方向大幅提升。</p>
</div><p>In fact, it is now solidly hitting the Rule of 40, a much-watched measure for growth-stage tech companies.</p>
<div class="lb-trans"><p>事实上，它现在稳固地达到了 40 法则，这是一个备受关注的增长阶段科技公司的衡量标准。</p>
</div><p>Investors, however, still have reason to be cautious. The stock is pricing in its near-term success.</p>
<div class="lb-trans"><p>然而，投资者仍然有理由保持谨慎。股票的定价已经反映了其近期的成功。</p>
</div><p>The question is how much room is left to run if the company's pivots continue to pay off.</p>
<div class="lb-trans"><p>问题在于，如果公司的转型继续取得成效，还有多少增长空间。</p>
</div><h2>Block Delivers Strong Growth and Profitability</h2>
<div class="lb-trans"><h2>Block 实现强劲增长和盈利能力</h2>
</div><p>By many measures, Block’s first quarter was outstanding. The company’s gross profit rose 27% year over year (YOY) to $2.91 billion. At the same time, it generated $728 million in adjusted operating income, representing a 25% margin on gross profit. It’s the sum of those two percentage increases that exceeds 40, putting it well beyond the industry “rule.” In other words, growth in the revenue it keeps and how efficiently it turns that into income are both climbing in tandem at admirable rates.</p>
<div class="lb-trans"><p>从多个指标来看，Block 的第一季度表现出色。公司的毛利润同比增长 27%，达到 29.1 亿美元。同时，它产生了 7.28 亿美元的调整后营业收入，毛利润率为 25%。这两个百分比的增长总和超过了 40，远超行业 “规则”。换句话说，收入的增长和将其转化为收入的效率都在以令人钦佩的速度同步上升。</p>
</div><p>Overall, revenue for the quarter came in at $6.06 billion, up 5% YOY. And as the numbers showed, those revenues are flowing to the bottom line. Adjusted diluted earnings per share rose 52% to 85 cents, well ahead of the company’s own internal guidance. Adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) came in at a record $1 billion for the quarter. On the surface, these numbers were nothing but solid.</p>
<div class="lb-trans"><p>总体而言，本季度的收入为 60.6 亿美元，同比增长 5%。正如数字所示，这些收入流向了底线。调整后的稀释每股收益增长 52%，达到 85 美分，远超公司内部指引。调整后的息税折旧摊销前利润（EBITDA）达到了创纪录的 10 亿美元。从表面上看，这些数字无疑是稳健的。</p>
</div><h2>Cash App Leads While Square Provides Stability</h2>
<div class="lb-trans"><h2>Cash App 领先，Square 提供稳定性</h2>
</div><p>Block is powered by two distinct but complementary businesses. On one side is Cash App, the consumer-facing mobile platform that lets millions of Americans send money, invest in stocks, buy Bitcoin, and access basic banking services. The other side is Square, the merchant-services platform that helps small and mid-sized businesses accept payments, manage inventory, and run payroll.</p>
<div class="lb-trans"><p>Block 由两个不同但互补的业务驱动。一方面是 Cash App，这个面向消费者的移动平台让数百万美国人可以发送资金、投资股票、购买比特币并访问基本银行服务。另一方面是 Square，这个商户服务平台帮助中小型企业接受支付、管理库存和处理工资。</p>
</div><p>In the first three months, Cash App was the star. Its gross profit jumped 38% YOY to $1.91 billion, or about two-thirds of the total, fueled by deeper engagement with financial-services products like the Cash App Card and banking features.</p>
<div class="lb-trans"><p>在前三个月中，Cash App 是明星。其毛利润同比增长 38%，达到 19.1 亿美元，约占总额的三分之二，得益于与 Cash App 卡和银行功能等金融服务产品的更深入互动。</p>
</div><p>Square was solid but grew more steadily at a 9% pace to a $982 million profit. The combination of its consumer arm growing and its merchant arm steady is what gives Block its long-term appeal.</p>
<div class="lb-trans"><p>Square 表现稳健，但以 9% 的速度稳定增长，利润达到 9.82 亿美元。其消费者业务的增长与商户业务的稳定结合，使 Block 具备了长期吸引力。</p>
</div><p>In light of the results, the company lifted its full-year 2026 targets to 19% gross profit growth, $12.33 billion in total gross profit, $3.34 billion of adjusted operating income, and 62% adjusted earnings per share growth. Embedded in that guidance is Block’s strategic bet on artificial intelligence, which it claims will improve personalization, sharpen risk management, and uncover new revenue opportunities.</p>
<div class="lb-trans"><p>鉴于业绩，该公司将 2026 年的全年目标上调至 19% 的毛利润增长，总毛利润为 123.3 亿美元，调整后的营业收入为 33.4 亿美元，调整后的每股收益增长 62%。在这一指引中，Block 对人工智能的战略押注也嵌入其中，Block 声称这将改善个性化、提升风险管理并发现新的收入机会。</p>
</div><h2>Restructuring and AI Bring New Risks</h2>
<div class="lb-trans"><h2>重组和人工智能带来新风险</h2>
</div><p>There is a footnote worth knowing, though. On a stricter accounting basis, Block did report a GAAP net loss attributable to stockholders of $309 million, and a GAAP operating loss of $172 million. Its unadjusted net loss came to 52 cents per share.</p>
<div class="lb-trans"><p>不过，有一个脚注值得注意。在更严格的会计基础上，Block 确实报告了归属于股东的 GAAP 净亏损为 3.09 亿美元，以及 GAAP 运营亏损为 1.72 亿美元。其未调整的净亏损为每股 52 美分。</p>
</div><p>That gap between the glowing adjusted numbers and its unadjusted losses stemmed primarily from $852 million in restructuring costs and other one-time expenses. More than half of the charges came after a dramatic announcement in February from Jack Dorsey, Block’s chairman, co-founder, and Block Head, as the company calls him. Dorsey said Block would be laying off 40% of its workforce as it shifted work to artificial intelligence. The company explained in early April that 100% of Block employees were now using AI tools to do their work.</p>
<div class="lb-trans"><p>这些光鲜的调整后数字与未调整的亏损之间的差距主要源于 8.52 亿美元的重组成本和其他一次性费用。超过一半的费用是在 2 月份 Jack Dorsey，Block 的董事长、联合创始人及 Block Head（公司称呼他）宣布将裁员 40% 并将工作转向人工智能后产生的。公司在 4 月初解释称，Block 的 100% 员工现在都在使用人工智能工具进行工作。</p>
</div><p>But as part of that quarterly charge, the company also disclosed it was setting aside $240 million in reserve in light of an ongoing Department of Justice probe into Cash App’s compliance and governance practices.</p>
<div class="lb-trans"><p>但作为季度费用的一部分，公司还披露因正在进行的司法部对 Cash App 合规性和治理实践的调查而预留了 2.4 亿美元的储备金。</p>
</div><h2>Wall Street Likes the Story But Has Concerns</h2>
<div class="lb-trans"><h2>华尔街喜欢这个故事但有顾虑</h2>
</div><p>All this news had the stock bouncing. Block’s shares are about 20% higher than a year ago, which was before it joined the S&amp;P 500, but only up around 7% year to date. The impressive earnings results for the quarter led to an immediate 10% jump in the stock price, but investors raised concerns about some areas.</p>
<div class="lb-trans"><p>所有这些消息使得股票反弹。Block 的股票比一年前高出约 20%，那时它刚刚加入 S&amp;P 500，但年初至今仅上涨约 7%。本季度令人印象深刻的盈利结果导致股价立即上涨 10%，但投资者对某些领域表示了担忧。</p>
</div><h3>Block, Inc. (XYZ) Price Chart for Wednesday, May, 20, 2026</h3>
<div class="lb-trans"><h3>Block, Inc. (XYZ) 2026 年 5 月 20 日的价格图表</h3>
</div><p>The $6.06 billion in revenue, though up 5%, missed even higher expectations. The unadjusted GAAP loss justifiably unnerved some investors, and the reserve for a possible DOJ settlement also weighed on sentiment.</p>
<div class="lb-trans"><p>60.6 亿美元的收入虽然增长了 5%，但未能达到更高的预期。未调整的 GAAP 亏损让一些投资者感到不安，而可能的司法部和解储备也对市场情绪造成了影响。</p>
</div><p>Analysts who cover Block are broadly optimistic but measured. The consensus rating is a Moderate Buy, with 30 analysts recommending the stock as a Buy, six calling it a Hold, and only one suggesting Sell. The average 12-month price target sits at $84.94, implying about a 20% upside from a recent trading price near $70. The most bullish target among the forecasts reaches $100.</p>
<div class="lb-trans"><p>覆盖 Block 的分析师总体上持乐观态度，但也保持谨慎。共识评级为适度买入，30 位分析师推荐该股票为买入，6 位称其为持有，仅有 1 位建议卖出。12 个月的平均目标价为 84.94 美元，意味着从最近约 70 美元的交易价格来看有约 20% 的上涨空间。在所有预测中，最乐观的目标价达到 100 美元。</p>
</div><h2>Competition and Valuation Still Matter</h2>
<div class="lb-trans"><h2>竞争和估值仍然重要</h2>
</div><p>Given its performance, Block is showing good reason for enthusiasm. But it’s also showing risks. The company operates in a fiercely competitive landscape. Cash App faces well-funded rivals, including Venmo by PayPal NASDAQ: PYPL, as well as Chime NASDAQ: CHYM, and SoFi NASDAQ: SOFI on the neobank side. Square competes against traditional bank-owned merchant services and other merchant platforms, including Clover by Fiserv NASDAQ: FISV, Toast NYSE: TOST, and the point-of-sale offering by Shopify NASDAQ: SHOP.</p>
<div class="lb-trans"><p>鉴于其表现，Block 显示出令人振奋的理由。但它也显示出风险。该公司在一个竞争激烈的市场中运营。Cash App 面临着资金充足的竞争对手，包括 PayPal 的 Venmo（NASDAQ: PYPL）、Chime（NASDAQ: CHYM）和 SoFi（NASDAQ: SOFI）等新银行。Square 则与传统银行拥有的商户服务和其他商户平台竞争，包括 Fiserv 的 Clover（NASDAQ: FISV）、Toast（NYSE: TOST）和 Shopify（NASDAQ: SHOP）的销售点解决方案。</p>
</div><p>There is also the question of regulatory exposure. Cash App’s Bitcoin trading and its newer financial-services features are in an environment that could shift unpredictably. And the company’s GAAP losses, however explainable, leave it vulnerable if investors shift their focus.</p>
<div class="lb-trans"><p>还有监管风险的问题。Cash App 的比特币交易及其新推出的金融服务功能处于一个可能会不可预测变化的环境中。而公司的 GAAP 亏损，尽管可以解释，但如果投资者转移关注点，将使其面临脆弱。</p>
</div><p>The valuation itself is not necessarily cheap. Block trades at a real premium to conventional payment processors. That premium is defensible as long as gross profit continues its march upward but might leave little margin for error if it slows.</p>
<div class="lb-trans"><p>估值本身并不一定便宜。Block 的估值相较于传统支付处理商有着真实的溢价。只要毛利润持续上升，这个溢价是可以辩护的，但如果增速放缓，可能会留下很小的容错空间。</p>
</div><p>In the meantime, though, Block is certainly worth a penciled-in spot on the buy list for growth-oriented investors. Just know the risk, watch the numbers, and don’t send all your cash.</p>
<div class="lb-trans"><p>不过，Block 绝对值得在成长型投资者的买入清单上占有一席之地。只需了解风险，关注数字，不要把所有现金都投入。</p>
</div><h2>Should You Invest $1,000 in Block Right Now?</h2>
<div class="lb-trans"><h2>你现在应该投资 1,000 美元在 Block 吗？</h2>
</div><p>Before you consider Block, you'll want to hear this.</p>
<div class="lb-trans"><p>在考虑 Block 之前，你需要听听这个。</p>
</div><p>MarketBeat keeps track of Wall Street's top-rated and best performing research analysts and the stocks they recommend to their clients on a daily basis. MarketBeat has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the broader market catches on... and Block wasn't on the list.</p>
<div class="lb-trans"><p>MarketBeat 每天跟踪华尔街顶级评级和表现最佳的研究分析师及其推荐给客户的股票。MarketBeat 已经识别出五只股票，顶级分析师正在悄悄地向客户推荐在更广泛的市场注意到之前购买……而 Block 并不在名单上。</p>
</div><p>While Block currently has a Moderate Buy rating among analysts, top-rated analysts believe these five stocks are better buys.</p>
<div class="lb-trans"><p>虽然 Block 目前在分析师中获得了中等买入评级，但顶级分析师认为这五只股票更值得购买。</p>
</div><p>View The Five Stocks Here</p>
<div class="lb-trans"><p>在这里查看这五只股票</p>
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Block 转向追求利润和人工智能正在吸引关注