Block (NYSE: SQ) stock surged higher last week after the company announced its fourth-quarter results and provided guidance for 2024. Investors were pleased to see the company's cost-cutting efforts come to fruition and gross profits improving, and its guidance for the upcoming year gave even more reason for optimism.

Block is well positioned in some key demographics, and with the company getting a handle on its expenses, the stock has explosive upside potential. Here's why Block could be a no-brainer for investors today.

Jack Dorsey and Jim McKelvey founded Block, then known as Square, in 2009 with the mission of helping small and medium-sized businesses accept credit card payments. At the time, solutions were clunky and expensive, and its product used technology to create a more convenient and accessible payment solution. Its Square payment solutions generated $3.1 billion in gross profit in the past year.

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Source Fool.com