Block Inc CEO Jack Dorsey Unveils AI Agents to Automate Business Operations Across Cash App, Square

Block Inc Deploys AI Agents Across Financial Services Ecosystem

Block Inc CEO Jack Dorsey revealed during the company's third-quarter earnings call that AI agents will soon handle routine business operations across its Cash App and Square platforms1

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. Jack Dorsey emphasized that deploying an agent to help users manage their money makes sense given Cash App and Square's broader banking capabilities. The announcement positions Block Inc at the forefront of AI in business operations, with applications spanning both merchant services and consumer finance.

The more immediate opportunity involves Square merchants, where AI agents might order inventory, purchase ingredients, and complete other routine tasks to keep businesses running1

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. Dorsey noted there is also an opportunity on the consumer side, though he acknowledged it's still early days. The company wants to ensure all the primitives and platform infrastructure are ready before broader deployment.

Square Kiosk and Squaremates Lead AI-Driven Innovations

Block Inc is putting AI agents on both sides of transactions through concrete product implementations. The new Square Kiosk lets diners ask questions about menus and order by voice, transforming the restaurant ordering experience2

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. On the business side, Squaremates already automates purchase order preparation for food and beverage sellers, demonstrating immediate practical value.

Block Inc plans to expand these capabilities by adding procurement agents that help manage inventory ordering and order from suppliers2

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. Dorsey explained that sellers typically start by asking questions about their data before handing tasks to AI agents. The company is testing monetization strategies for AI tools it's making available to other companies through Builder Lab and Buzz, signaling ambitions beyond its own financial services ecosystem.

Strong Third-Quarter Earnings Offset by Bitcoin Business Decline

Block Inc reported third-quarter earnings that beat analyst expectations, with adjusted earnings of $1.13 per share topping the $1.02 estimate by 10.78%1

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. Quarterly revenue reached $6.72 billion, exceeding the $6.59 billion analyst consensus. Net revenue rose to $6.7 billion from $6.1 billion in the same quarter last year2

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However, the Bitcoin business suffered significant setbacks. The Bitcoin ecosystem's gross profit fell 50% year over year to $52 million, worsened by a 40% decline in Cash App's Bitcoin profits1

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. Block Inc holds 9,117 BTC on its balance sheet worth $710 million, making it the 14th-largest corporate Bitcoin holder according to BitcoinTreasuries.net.

Square Processes $76.4 Billion as Neighborhoods Feature Gains Traction

Square processed $76.4 billion in gross payment volume during the third quarter, up 14% year over year2

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. Food and beverage led major seller categories, while retail volume rose 13% and services grew 8%. New sellers joining through independent sales organizations increased 90% from the previous quarter, though from a still-small share of Square's business.

The Neighborhoods feature, which connects Cash App users with participating Square sellers, drove significant growth2

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. Block Inc enabled Neighborhoods for about 30,000 sellers in late August, and by September, participating sellers represented approximately $5 billion in annualized gross payment volume—nearly five times the June level. Block Business Lead Owen Jennings noted that customers Neighborhoods brought in skewed toward higher household incomes than Cash App's core base.

Cash App Expands Banking Services and User Base

Cash App's September transacting base grew 4% year over year, its fastest pace since mid-20242

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. Primary banking users rose to 9.4 million from 8.3 million a year earlier, while approximately 28 million customers used the Cash App Card monthly. About 1 in 5 customers who ordered a Tag—a personalized card accessory—was new to the card or had returned to using it.

In lending, Cash App modified its Borrow product from four weeks with a 5% fee to six weeks with a 7.5% fee2

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. Afterpay's post-purchase originations more than tripled year over year, while pre-purchase originations more than tripled from the previous quarter. Block Inc shares rose 5.84% in after-hours trading and closed the regular session down 1.4% at $76, bringing year-to-date gains to 16.76%1

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