Block shares rally on improved profit forecast
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More news: ASX-listed shares of Block surged in early trade after the Afterpay owner raised its full-year gross profit forecast this morning.
Block shares were up 7.2% to $124.78 at 10:55am AEST, extending gains of more than 40% over the last 12 months.
Block's NYSE-listed shares rose 5.5% in after hours trading following the announcement.
Block shares surge after guidance lift
The news: Block shares rose as much as 12% in extended trading after the fintech company raised its full-year gross profit forecast to USD10.17 billion ($15.6 billion) from USD9.96 billion.
The numbers: The Jack Dorsey-led firm reported a 14% year-over-year rise in second-quarter gross profit to USD2.54 billion and an adjusted net profit of 62 US cents per share, up from 47 cents a year ago but below the 69 cents expected by the market.
Cash App gross profit rose 16% driven in part by its short-term credit program Borrow, as well as card usage and buy now, pay later, the company said. Gross payment volume rose but Bitcoin revenue declined to USD2.14 billion.
The context: The rise in profit was driven by consumer spending on essential goods, Cash App lending, and business uptake of integrated financial tools.
Block shares had been down 10% in 2025 before the report. On Thursday (Friday AEST), shares closed 0.95% higher at USD76.85 before rising as high as USD86.78 in after-hours trading and later settled around USD80.60.
The sources: Block release, Reuters
