Cash App and Square drove better-than-expected results, while the company said it expanded its use of AI across software engineering.
Fintech company Block (XYZ) has lifted its full-year outlook after reporting a strong second quarter driven by growth in Cash App and Square, with gross profit up 25% year over year to $3.17 billion, ahead of Block’s prior guidance.
Second-quarter adjusted operating income also exceeded guidance, reaching $855 million, according to a results filing on Wednesday. Adjusted diluted earnings per share were $1.02, beating the Wall Street consensus estimate of 87 cents per share.
The results led Block to lift its full-year gross profit guidance to $12.51 billion from $12.33 billion, and adjusted operating income to $3.47 billion from $3.34 billion.
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