Block shares jumped 6% in extended trading on Thursday after the fintech company increased its forecast for the year.
Here is how the company did, compared to analysts' consensus estimates from LSEG.
Earnings per share: 62 cents adjusted vs. 69 cents expected
62 cents adjusted vs. 69 cents expected Revenue: $6.05 billion vs. $6.31 billion expected
Revenue fell close to 2% from $6.16 billion a year earlier. Block said gross profit rose 14% from a year earlier to $2.54 billion, beating analysts' estimates of $2.46 billion for the quarter. Gross payment volume at Square increased 10% to $64.25 billion, while Cash App recorded GPV of $2.37 billion.
Block raised its guidance for full-year gross profit to $10.17 billion, representing 14% growth from a year earlier. In its prior earnings report, Block said gross profit for the year would come in at $9.96 billion.
The company expects full-year adjusted operating income of $2.03 billion, or a 20% margin. For the third quarter, the company expects gross profit to grow 16% from a year ago to $2.6 billion, with an operating margin of 18%.