Motley Fool
Why Block Stock Just Popped
Block (NYSE: SQ) stock — the fintech giant that used to be known as Square and that still trades under Square’s ticker symbol — has notched a tidy 4.7% gain as of noon ET Tuesday. In the first bit of news, Block announced after close of trading yesterday that it has completed its acquisition of buy now, pay later (BNPL) company Afterpay and also launched Square’s “first integration with Afterpay” functionality, such that “sellers using Square Online for e-commerce in the United States and Australia” can now offer buyers the ability to buy now and pay in installments. In making its announcement, Block quoted one of its customers praising its success using Afterpay, exulting that “our purchases are nearly 20% larger when shoppers use Afterpay” — a trend that, if it holds true across other users, should provide a revenue boost not only to Block’s customers but to Block itself as it takes its cut of revenue.
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