Square Loans Earnings Are Eye Opening
- Funder Intel Staff
- Aug 4, 2022
- 1 min read
Block Inc(Square) Q2 earnings are out.
From their shareholder letter,
"Square Loans:
Square Loans achieved strong revenue and gross profit growth during the second quarter of 2022, facilitating approximately 122,000 loans totaling $1.01 billion in originations, up 30% year over year. Square Loans benefited from $9 million of Paycheck Protection Program (PPP) loan forgiveness revenue and gross profit during the second quarter, compared to $51 million of revenue and gross profit in the first quarter. PPP loan forgiveness revenue is primarily a near-term benefit as revenue is recognized in the period PPP loans are forgiven."
More on these numbers from Block Inc. later.
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