The Block Inc (ASX: XYZ) share price is ending the week with a bang.
In morning trade, the payments company's shares are up 10% to $127.88.
This follows the release of its second quarter update before the market open.
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Block share price jumps on results day
- Gross profit up 14% to US$2.54 billion
- Operating income up 58% to US$484 million
- Adjusted earnings per share up 31.9% to 62 US cents.
What happened during the quarter?
For the three months ended 30 June, Block was on form and reported a 14% increase in gross profit to US$2.54 billion. This was ahead of its guidance and driven by a 16% jump in cash app gross profit to US$1.5 billion and an 11% lift in Square gross profit to US$1.03 billion
Management notes that it outperformed its gross profit guidance thanks partly to the launch of new products across Square and Cash App to sustain strong growth at scale.
It also highlights that it drove year-over-year improvement across all key profitability measures and outperformed its profitability guidance in the second quarter of 2025. Operating income was US$484 million while adjusted operating income was US$550 million.
Commenting on the company's performance during the quarter, Jack Dorsey stated:
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. Our shipping velocity has accelerated and I'm confident in our ability to sustain strong growth at scale. As we head into Investor Day, I'll share why we believe we have the best assets in the industry to deliver for our customers, starting with Cash App and featuring Square next quarter.
Outlook
The good news is that Dorsey believes there's plenty more to come from the company and particularly the Cash App business, which he sees as the "financial operating system for the next generation."
Commenting on its outlook, Dorsey said:
Cash App is just getting started. $218 billion in P2P volume. $183 billion in commerce volume. $18 billion in annualized Borrow originations and millions of banking actives. These numbers reflect the scale of our ecosystem and how we're making Cash App a daily part of our customers' lives. They also represent the trust millions of people place in us and our success in building the finance platform for the next generation. We're just getting started.
The Block share price is now up 20% since this time last month.
