Block Raises Outlook on Financial Solutions Growth

Dow Jones
08/06
 

Block raised its full-year guidance and reported higher second-quarter revenue as growth in its commerce and financial solutions businesses helped to offset declines in Bitcoin.

The owner of Cash App and Square posted net income of $87.1 million, down from $538.3 million the year prior. On a per-share basis, earnings were 15 cents a share, down from 87 cents a share the year prior.

Adjusted earnings were $1.02 a share. Analysts polled by FactSet expected 87 cents a share.

Revenue rose to $6.62 billion from $6.05 billion, boosted by growth in commerce enablement and financial solutions. Wall Street expected $6.47 billion.

The company raised its full-year adjusted earnings guidance to $4.02 a share, up from its previous forecast of $3.85 a share. Analysts see full-year adjusted earnings of $3.90.

 
 

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