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

The shares of Block Inc. (NYSE: XYZ) surged more than 8.1% in after-market trading, with its Cash App registering 27% growth in gross profit and Square accelerating following a prolonged period of slower growth. The surge was triggered by the earnings report that came out on Tuesday. Block’s total gross profit rose 22% from a year earlier, beating management’s guidance. Cash App and Square grew, but Bitcoin did not. Cash App lending grows while Square handles more payments Block’s adjusted earnings per share reached $1.13, more than double the previous year’s figure, after a 109% increase. Its adjusted operating income margin hit 29%, a company record.

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