Block Inc (NYSE:SQ) reported third-quarter financial results after the bell. Here's a look at the key metrics from the quarter. 

What Happened: Block said third-quarter revenue increased 24% year-over-year to $5.62 billion, versus the consensus estimate of $5.441 billion, according to Benzinga Pro. Excluding Bitcoin (CRYPTO: BTC) revenues, total revenue was $3.19 billion, up 16% year-over-year. 

The payment services company reported third-quarter adjusted earnings of 55 cents per share versus estimates of 47 cents per share.

Gross profits were up 21% year-over-year. Gross payment volume came in at $60.08 billion, up 10% year-over-year. Cash App total monthly transacting users grew to 55 million, up 11% year-over-year. 

Block said it ended the quarter with $7.3 billion in cash, equivalents, restricted cash and investments. 

"We believe we will reach Rule of 40 in 2026, with an initial composition of at least mid-teens gross profit growth and a mid-20% Adjusted Operating Income margin," the company said in a letter to shareholders. 

"As we progress towards Rule of 40 in the coming years, we expect our margin profile and free cash flow generation to improve as well, which means we can return more to our shareholders over time."

Block also authorized a $1 billion share repurchase program to offset a portion of stock-based compensation. The company also introduced an absolute cap on the number of people at the company, which will be 12,000, until the growth of the business meaningfully outpaces the growth of the company.

Block expects fourth-quarter gross profit of $1.96 billion to $1.98 billion. Adjusted EBITDA is expected to be between $430 million and $450 million in the fourth quarter. Full-year 2024 adjusted EBITDA is expected to be approximately $2.4 billion.

Management will hold a conference call to discuss these results at 5 p.m. ET.

Check This Out: Trading Strategies For Block Stock Before And After Q3 Earnings

Photo: courtesy of Block.