Key facts
- Block's second-quarter adjusted operating income rose to $864 million, or $1.02 per share.
- The company raised its annual gross profit forecast to $10.17 billion.
- Cash App's gross profit grew 16% in the second quarter.
- Square segment's gross profit increased 11% year-over-year.
- Bitcoin revenue decreased to $2.14 billion in the quarter.
Block reported a rise in second-quarter income and raised its annual gross profit forecast on Thursday, as the payments firm was helped by resilient consumer spending. The Jack Dorsey-led company now expects 2025 gross profit of $10.17 billion, up from the $9.96 billion it forecast earlier.
Adjusted operating income rose to $864 million, or $1.02 per share, in the three months ended June 30, compared with $550 million, or 62 cents per share, a year earlier. Businesses and individuals have continued to spend on essential products, even as they have cut back on discretionary expenses amid macroeconomic uncertainty.
Block's Cash App, which enables peer-to-peer mobile payments, reported a gross profit growth of about 16% in the second quarter ended June 30. This was slower than the 23% growth it reported in the year-ago period. The company's Square segment, which provides payments solutions to small and medium-sized businesses, reported an 11% rise in gross profit from the year-ago period, driven by software and integrated payments and banking products.
Bitcoin revenue fell to $2.14 billion in the quarter ended June 30, from $2.61 billion in the year earlier. The crypto industry rebounded in the quarter, leading investors to hold onto digital assets in hopes of higher returns, which hurt buying-selling volume.