Block reports better-than-expected earnings for second quarter

Block beat expectations in its second-quarter earnings report, with earnings per share of 93 cents compared to the expected 84 cents. The company’s revenue fell slightly short of expectations at $6.16 billion versus the expected $6.28 billion. Block, formerly known as Square, saw a 20% increase in gross profit, reaching $2.23 billion. Net income for the quarter was $195.3 million, a 91% increase from the same period last year. The popular Cash App business reported a 23% year-over-year jump in gross profit. Block has also raised its full-year guidance for gross profit and adjusted earnings.