Block reported a rise in second-quarter income and raised its annual gross profit forecast on Thursday, as the payments firm was helped by resilient consumer spending, lifting its shares 6 per cent higher in extended trading.
Businesses and individuals have continued to spend on essential products, even as they have cut back on discretionary expenses amid macroeconomic uncertainty.
The Jack Dorsey-led firm now expects 2025 gross profit of $10.17 billion, up from the $9.96 billion it forecast earlier.
“We saw a lot in the second quarter that gave us some healthy signs, some real encouragement around the products that are the key drivers of growth for us and the key drivers of acceleration in the second half,” finance chief Amrita Ahuja said on a conference call.
“And that’s what gave us the conviction to raise our guidance.”
Its Cash App, which enables peer-to-peer mobile payments, reported a gross profit growth of about 16 per cent in the second quarter ended June 30. This was, however, slower than the 23 per cent growth it reported in the year-ago period.
Block’s Square segment — which provides payments solutions to small and medium-sized businesses – reported a 11 per cent rise in gross profit from the year-ago period. This was driven primarily by the company’s software and integrated payments and banking products, as it continued to move upmarket and expand market share in target verticals, Block said.
Block facilitates bitcoin purchases on its platform by acquiring the cryptocurrency through private broker dealers and reselling it at a small premium. Bitcoin revenue fell to $2.14 billion in the quarter ended June 30, from $2.61 billion in the year earlier.
The company’s total net revenue fell to $6.05 billion for the quarter from $6.16 billion.
On an adjusted basis, the company reported net profit of $385 million, or 62 cents per share, in the second quarter, compared with $301 million, or 47 cents per share, in the year-ago period.
Shares of Block have lost nearly 10 per cent in 2025 due to market volatility and a profit forecast cut, significantly underperforming the broader market.
However, the losses in the stock were pared by the company’s inclusion in the benchmark S&P 500 in July.
