Block reports better-than-expected earnings for second quarter

Block reports better-than-expected earnings for second quarter


Block beat on profit in its second-quarter earnings report on Thursday. The stock rose in extended trading.

Here is how the company did, compared to analysts’ consensus estimates from LSEG.

  • Earnings per share: 93 cents adjusted vs. 84 cents expected
  • Revenue: $6.16 billion vs. $6.28 billion expected

Block, formerly known as Square, posted $2.23 billion in gross profit, up 20% from a year ago. Analysts tend to focus on gross profit as a more accurate measurement of the company’s core transactional businesses.

The company reported net income of $195.3 million, or 31 cents per share, up 91% from $102 million, or 17 cents per share, a year earlier.

The Cash App business, the company’s popular mobile payment platform and a significant contributor to overall profitability, reported $1.3 billion in gross profit, a 23% year-over-year jump. Block, run by Twitter co-founder Jack Dorsey, said its Cash App Card monthly active users increased 13% year over year to more than 24 million in June.

Block has slimmed down operations over the past year. In January, Dorsey reportedly said in a note to staffers that the company had laid off a “large number” of workers. This followed a round of layoffs in December.

The company raised its full-year guidance for gross profit, adjusted earnings and adjusted operating income.

Dorsey also announced that Afterpay CEO and co-founder Nick Molnar would be expanding his role at Block and will lead a “centralized sales function across Block, inclusive of Square.” The position will report directly into the Block CEO.

Don’t miss these insights from CNBC PRO

CNBC’s Stephen Desaulniers contributed to this report.



Source

Figma jumped 250%. Will it hold? Here’s how other blockbuster debuts have performed
World

Figma jumped 250%. Will it hold? Here’s how other blockbuster debuts have performed

Figma ‘s 250% spectacular debut on the New York Stock Exchange has some quarters of the market doubting whether the company can maintain its price level. CNBC’s analysis of first-day trading performance for stocks over the past three decades shows that such blockbuster IPOs have just better than even odds of typically holding on to […]

Read More
Switzerland’s tariff shock: The 39% U.S. hit no one saw coming
World

Switzerland’s tariff shock: The 39% U.S. hit no one saw coming

The duty would be a “devastating” blow to the export-reliant Swiss economy and businesses, analysts say. Source

Read More
U.S. added just 73,000 jobs in July and numbers for prior months were revised much lower
World

U.S. added just 73,000 jobs in July and numbers for prior months were revised much lower

An attendee holds an “Entry Level Jobs” flyer at a City Career Fair hiring event in Sacramento, California, on Feb. 27, 2025. David Paul Morris | Bloomberg | Getty Images Nonfarm payroll growth was slower than expected in July and the unemployment rate ticked higher, raising potential trouble signs for the U.S. labor market. Job […]

Read More