Latest news with #JackDorsey-led
San Francisco Chronicle
24-05-2025
- Business
- San Francisco Chronicle
Former Lucca Ravioli site in San Francisco's Mission to become Square business hub
Square is taking over the long-vacant site of the beloved Lucca Ravioli Co. in San Francisco's Mission District — at least for now. The Jack Dorsey-led financial technology company, which operates under parent company Block, plans to open the Corner Store, a temporary community and business hub, next week inside the historic building at the corner of 22nd and Valencia streets. The space, once home to the 94-year-old Italian deli that closed in 2019, will be transformed into a resource center for local entrepreneurs. Where clerks once served salami sandwiches in paper hats and fresh pasta was made in the back, visitors will now find Square's sleek payment devices and in-house consultants — more tech boutique than traditional deli. First reported by the San Francisco Business Times, the new venture will operate as a daytime storefront for small business support and product sales. A curated selection of products from Mission-based Square sellers will be available, alongside Square hardware — including the newly announced Square Handheld — for purchase on-site. In the evenings, the space will host a series of community events — from panels on launching a local business to neighborhood mixers and industry talks. 'As a corner store owner myself, I know how important these establishments are to creating connection and fostering community,' Ramzi Budayr, owner of Dolores Deluxe and host of the 'Forever Neighborhood' podcast, said in a statement. 'Square is continuing to show up as a meaningful partner to local businesses, and setting up shop in the heart of the Mission really drives that accessibility and deep connection home.' The calendar includes a launch party on Tuesday, May 27, a restaurant-themed night and invite-only sessions with partners such as Sysco and OpenTable. Events run through June, with topics ranging from AI for small business to the immigrant stories that helped shape the Mission. The building, damaged in a 2023 police chase and left in disrepair for years, was recently restored. It remains available for long-term lease. The property, consisting of three buildings, was sold by Lucca Ravioli's owners in 2019 for approximately $7 million. A planned artist studio at the site never materialized.
CNA
02-05-2025
- Business
- CNA
Block's shares tumble after 2025 profit forecast cut defies sector trends
Block's shares fell 22 per cent on Friday and were on track for the biggest intraday decline in five years after a 2025 profit forecast cut raised concerns about the payment firm's key businesses. The selloff wiped off nearly $8 billion from the Jack Dorsey-led company's market value. At least eight brokerages reduced their price targets on the stock, citing weakness in the company's peer-to-peer Cash App and mounting competition. Block's forecast cut, which it attributed to macroeconomic uncertainty, raised eyebrows, as financial industry peers have so far reported steady spending trends. Though concerns persist about a consumer spending slowdown due to U.S. President Donald Trump's chaotic tariff policies, major bank executives have said a strong labor market should support near-term resilience. Block's Cash App trends are an "outlier", analysts at BTIG wrote in a note, considering peers' performance, and raised the "inevitable question" that whether the app's weakness is cyclical or structural. Shares of the company were last trading at $45.68, their lowest since November 2023. "Bear case on Cash App has won out in the near-term," said Jefferies analysts, adding that the company's forecast of 9.5 per cent gross profit growth in the second quarter appeared "incredibly conservative". SQUARE BUSINESS STRENGTH Despite weakness in Cash App, analysts said Block's Square segment — which provides payments solutions to small and medium-sized businesses — was a bright spot. "It is our view that Square is starting to make competitive progress," brokerage William Blair said. The stock decline could make the stock more attractive, presenting a potential opportunity for investors, it added. However, a further deterioration in economic conditions could dampen some optimism.
Reuters
02-05-2025
- Business
- Reuters
Block shares tumble after 2025 profit forecast cut
May 2 (Reuters) - Block's (XYZ.N), opens new tab shares fell 22% on Friday, hitting their lowest since November 2023 after the payments firm cut its profit forecast for the year. At least eight brokerages reduced their price targets on the stock, citing softness at the company's peer-to-peer Cash App and mounting competitive pressures. The stock was last trading at $45.71. Block's forecast cut comes amid a delicate time for the economy, with uncertainty sparked by President Donald Trump's tariffs raising fears of a slowdown in consumer spending. Data released earlier this week also showed the U.S. economy had contracted in the first quarter, potentially weakening sentiment further. After market close on Thursday, Jack Dorsey-led Block lowered its forecast for 2025 gross profit growth to 12% from 15%, while projecting second-quarter gross profit at $2.45 billion which was below Wall Street estimates of $2.54 billion.
CNA
02-05-2025
- Business
- CNA
Block shares tumble after 2025 profit forecast cut
Block's shares fell 22 per cent on Friday, hitting their lowest since November 2023 after the payments firm cut its profit forecast for the year. At least eight brokerages reduced their price targets on the stock, citing softness at the company's peer-to-peer Cash App and mounting competitive pressures. The stock was last trading at $45.71. Block's forecast cut comes amid a delicate time for the economy, with uncertainty sparked by President Donald Trump's tariffs raising fears of a slowdown in consumer spending. Data released earlier this week also showed the U.S. economy had contracted in the first quarter, potentially weakening sentiment further. After market close on Thursday, Jack Dorsey-led Block lowered its forecast for 2025 gross profit growth to 12 per cent from 15 per cent, while projecting second-quarter gross profit at $2.45 billion which was below Wall Street estimates of $2.54 billion.
CNA
01-05-2025
- Business
- CNA
Block trims forecast as consumer spending slowdown fears mount, shares slump
Block cut its profit forecast for 2025 and missed estimates for quarterly earnings on Thursday as the payments firm grapples with muted consumer spending, sending its shares down 19 per cent in extended trading. President Donald Trump's trade policies have sparked concerns over consumer spending, which makes up more than two-thirds of U.S. economic activity, as well as fears of stagflation. "We are operating in a more dynamic macro environment, so we have reflected a more cautious stance on the macro outlook into our guidance for the rest of the year," the company said. The Jack Dorsey-led firm cut its forecast for 2025 gross profit growth to 12 per cent from 15 per cent, while projecting second-quarter gross profit at $2.45 billion, below Wall Street estimates of $2.54 billion. Its Cash App, which enables peer-to-peer mobile payments, reported gross profit growth of about 10 per cent in the first-quarter ended March 31, down from 25 per cent last year. "Non-discretionary Cash App Card spend in areas like grocery and gas was more resilient, while we saw a more pronounced impact to discretionary spending in areas like travel and media," Chief Financial Officer Amrita Ahuja said on a post-earnings call. Block also reported a 60 per cent drop in its first-quarter profit as it recorded a $93.4 million remeasurement loss on its bitcoin investments, compared to a $233.4 million similar gain in the year-ago period. On an adjusted basis, profit came in at 56 cents per share, well below analysts' expectations of 87 cents, according to data compiled by LSEG. Block facilitates bitcoin purchases on its platform by acquiring the cryptocurrency through private broker dealers and reselling it at a small premium. Bitcoin revenue fell 15.7 per cent to $2.30 billion in the quarter ended March 31, as a wider market downturn saw the cryptocurrency decline 12 per cent in the first quarter. The fintech reported transaction-based revenue of $1.55 billion, missing expectations of $1.59 billion.
