Jack Dorsey’s Block surges 9% after earnings beat as Cash App profits jump 27%

Block Inc.’s shares rose more than 8.1% in after-market trading on Tuesday after the company reported results that beat management’s gross-profit guidance. Block, listed as XYZ, said total gross profit increased 22% from a year earlier, while Cash App gross profit grew 27% and Square gross profit rose 14%. Adjusted earnings per share reached $1.13, more than double the prior-year figure after a 109% increase, and the adjusted operating income margin hit a company-record 29%. Bitcoin Ecosystem gross profit fell 50% after Block deliberately reduced fees on some Bitcoin trades through Cash App.