News Review - Block's earnings miss, agentic commerce and much more
A curated look at what's been going on in payments and fintech
Disclaimer: views expressed here are my own and do not represent any other organisation
News Review is the first of a new series on this Substack.
I’m looking back at what’s been going on over the past month in payments and fintech. Starting with a lead story, I’ll share a curated roundup of what’s been making the news, plus a few stories you may have missed.
The lead story: Block’s earnings miss
Block (NYSE: XYZ), formerly known as Square, held its earnings call last Thursday, May 1st. Amrita Ahuja, Block’s COO and CFO, said on the earnings call:
Cash App gross profit came in below expectations… During the quarter, non-discretionary Cash App Card spend in areas like grocery and gas was more resilient, while we saw a more pronounced impact to discretionary spending in areas like travel and media. We believe this consumer softness was a key driver of our forecast miss.
At the end of her section, perhaps anticipating market reaction, Amrita added:
We have the team, strategy, and organization…