Bitcoin · The Block
Block Inc. shares rise 6% after-hours as it raises full-year profit forecast
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Jack Dorsey-led fintech firm Block Inc. Block, Inc. XYZ -1.40% saw its shares jump 6.2% in after-hours trading on Tuesday after reporting stronger third-quarter earnings and raising its full-year profit outlook.
Key facts
- The company's gross profit rose 22% year-on-year to $3.24 billion, while its Cash App booked $2.07 billion in gross profit, up 27% year-on-year
- Cash App generated $4.07 billion in revenue in Q3, including $1.77 billion from the bitcoin ecosystem segment
- Block shares closed down 1.4% at $76 on Tuesday but jumped 6.2% in after-hours trading following the earnings release
- Block posted a net income of $566 million in the third quarter of this year, up from $462 million a year earlier, according to its latest quarterly report released Tuesday
Summary
Jack Dorsey-led fintech firm Block Inc. Block, Inc. Block posted a net income of $566 million in the third quarter of this year, up from $462 million a year earlier, according to its latest quarterly report released Tuesday. The company's gross profit rose 22% year-on-year to $3.24 billion, while its Cash App booked $2.07 billion in gross profit, up 27% year-on-year. On the back of the results, Block raised its full-year gross profit forecast to $12.63 billion, representing a 22% year-on-year growth. "We are raising our full-year guidance to reflect the momentum we are seeing across Block," the company said.