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Square Loans Earnings Are Eye Opening

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."

Square Revenue numbers

More on these numbers from Block Inc. later.


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