Block Chief Financial Officer Amrita Ahuja: Square and Cash App ecosystems resilient in near-term

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Block($NYSE:SQ) Chief Financial Officer Amrita Ahuja said Wednesday that the fintech’s Square and Cash App ecosystems have experienced resiliency in the near-term despite a tough macroeconomic backdrop of rising interest rates and tighter financial conditions. For Square, Block’s payments business, including its Buy Now, Pay Later platform Afterpay, gross profit for August is expected to be in line with what the company saw in July on a three-year CAGR basis, Ahuja said at the Goldman Sachs Communacopia + Technology conference. Despite a difficult economic environment, Block’s Square and Cash App businesses have been resilient. Square’s payments business, including Afterpay, is expected to see similar gross profits in August as July. This is a positive sign for the company as it looks to maintain growth in the face of challenges.

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Ahuja noted that while the stock market is volatile, the ecosystems of both Square and Cash App are strong and continue to grow. In the near-term, Ahuja believes that the ecosystems will continue to be resilient despite the volatility.

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She cites the growing number of users and the diversity of services offered by the two companies as key factors in their success. Ahuja also believes that Block’s investment in the two companies will pay off in the long-term.