Block, Inc. (NYSE:XYZ) released its second-quarter results after Thursday's closing bell. Here's a look at the details from the report.
The Details: Block reported quarterly earnings of 62 cents per share, which missed the analyst consensus estimate of 68 cents, according to Benzinga Pro.
Quarterly revenue came in at $6.05 billion, which missed the analyst consensus estimate of $6.24 billion and is down from revenue of $6.15 billion from the same period last year.
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Block reported Q2 highlights, including:
- Adjusted Operating Income grew 38% year-over-year.
- Adjusted Operating Income Margin of 22%.
- Square GPV growth accelerated to 10% year-over-year.
- Growing engagement on Cash App with gross profit per monthly transacting active of $87 on an annualized basis, up 15% year-over-year.
“We had a strong second quarter. Square GPV grew 10% year over year and Cash App gross profit grew 16% year over year, accelerating as we exited Q2. Our focus on products that can drive network expansion is already paying off as we started rolling out Pools on Cash App in July, just four months after kicking off development work,” CEO Jack Dorsey wrote in a letter to shareholders.
Outlook: Block raised its guidance and now expects gross profit in the third quarter to grow 16% year-over-year to $2.6 billion. The company now expects $10.17 billion in gross profit for 2025.
XYZ Stock Price: According to data from Benzinga Pro, Block stock was up 10.27% at $84.74 in Thursday's extended trading.
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