clogged Second-quarter earnings on Thursday came in better than expected. The stock rose in after-hours trading.
Here’s a look at the company’s performance, compared with consensus analysts’ estimates from London Stock Exchange Group.
- Earnings per share: Adjusted 93 cents, expected 84 cents
- income: $6.16 billion vs. $6.28 billion expected
Block (formerly known as Square) reported gross profit of US$2.23 billion, a 20% increase from the same period last year. Analysts tend to focus on gross profit as a more accurate measure of a company’s core trading business.
The company reported net income of $195.3 million, or 31 cents a share, up 91% from $102 million, or 17 cents a share, a year ago.
The Cash App business is the company’s popular mobile payment platform and an important contributor to overall profitability, with gross profit of $1.3 billion, a 23% increase from the same period last year. Block, run by Twitter co-founder Jack Dorsey, said its Cash App Card monthly active users increased 13% year-on-year in June to more than 24 million.
Bullock has scaled back the business over the past year. January, Dorsey It is said In a note to employees, the company said it had laid off “a significant number” of workers. This follows a round of layoffs in December.
The company raised its guidance for full-year gross profit, adjusted profit and adjusted operating income.
Dorsey also announced that Afterpay CEO and co-founder Nick Molnar will expand his responsibilities at Block and will lead “the centralized sales function across Block, including Square.” This position will report directly to the Chief Executive Officer of Block.
— CNBC’s Stephen Desaulniers contributed to this report.
