Why Block Stock Rose Today

Block, Inc. SQ shares traded higher on Tuesday after it was announced Square and Afterpay sellers reached 70 million transactions over Black Friday and Cyber Monday, up 14% from last year.

What To Know: Square and Afterpay sellers globally reached a new record during the course of Black Friday and Cyber Monday, boasting 70 million transactions.

Some of the key takeaways include:

• Consumers displayed a diversity of shopping habits, with in-person shopping growing 15%
• Restaurant transactions increased 15%
• Activated subscriptions rose 31%, reflecting a consumer desire for convenience and options
• Afterpay reported that Buy Now, Pay Later (BNPL) transactions grew 19% while Square sellers saw their Afterpay transactions grow 47%

"During the Black Friday and Cyber Monday shopping weekend, consumers turned out in droves to support their favorite businesses," said Saumil Mehta, Head of Point of Sale and Omnichannel at Square.

"We found that the holidays aren't just for traditional retailers, as businesses across industries like restaurants and beauty lean into the major weekend. Given consumer sentiment has been positive around the holidays, and we know this weekend is often just the beginning, businesses should continue to expect an influx of shoppers, and be ready to meet them wherever they prefer to shop."

Related Link: Nvidia Seeks Out Chinese Expertise To Manifest Its Autonomous Vehicle Goals

SQ Price Action: Shares of SQ were up 5.02% at $63.34 at the close of the market, according to Benzinga Pro. 

Image by Kris from Pixabay