Block Inc (NYSE:SQ) shares climbed 5% in after-hours trading after the company raised its annual guidance and reported higher second-quarter earnings.
The payments group, led by Twitter founder Jack Dorsey, now expects gross profit for 2025 to reach $10.17 billion, up from a previous forecast of $9.96 billion, citing solid performance from its key products.
Adjusted net profit rose to $385 million, or 62 cents per share, compared with $301 million, or 47 cents per share, a year earlier.
The company’s Cash App reported gross profit growth of 16%, while the Square segment, which provides payments for small and medium-sized businesses, saw gross profit up 11%.
Bitcoin revenue fell year on year, and total net revenue edged down to $6.05 billion from $6.16 billion.