Block revised its full-year gross profit guidance to $9.96 billion, representing 12% year-over-year growth — a more conservative forecast reflecting macro headwinds and decelerated growth in Cash App’s core metrics. And with gross profit growing just 9% year over year, the company is now doubling down on three fronts: intelligent automation, credit accessibility, and brand reinvention. Perhaps the boldest claim in Block’s Q1 update revolves around its internal AI initiative: “goose.” Described as an “agentic system,” goose aims to be the universal interface for Block’s employees — and eventually its customers. The goal: to automate workflows and decision-making at scale. “Our first goal is to make goose our single interface for all of our functions,” explained Dorsey, noting that goose is already improving engineering productivity by 30%, and adding that the system will ultimately expand to every role in the company. “By the end of this year, goose will act as a personal CFO for consumers and a COO for sellers,” CEO Jack Dorsey said. Cash App Borrow — Block’s small-dollar, short-duration loan product — is emerging as a keystone of its monetization strategy. After receiving FDIC approval to issue consumer loans nationwide via Square Financial Services, the company is accelerating rollout across its Cash App user base. More than half of all Borrow loans are used within the Cash App ecosystem, the company reported, suggesting strong network lock-in. Notably, users who deposit their paycheck into Cash App are 2.5 times more likely to accept a Borrow offer than card-only users, and 13 times more likely than users with neither a Cash App Card nor direct deposit. This integrated financial model — what Block calls its “bank our base” strategy — aims to deepen engagement by turning casual users into multiproduct customers. Borrow is central to that transformation.
- Delivered year-over-year gross profit growth of 9% as we continue to launch new products across Square and Cash App to accelerate our growth at scale
- Growing engagement on Cash App with gross profit per monthly transacting active of $81 in Q1 on an annualized basis, up 9% year over year