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Block shares surge after earnings beat and increased full-year guidance

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There was particularly strong growth in Block's payment platform, Cash App, and its point-of-sale suite, Square.

Cash App revenue was $3.58 billion, growing 34% year-over-year, while Square revenue grew 12% year-over-year to $1.98 billion.

"We've been quiet lately because we've been focused," Block co-founder Jack Dorsey said in a letter to shareholders. Block was the target of athis year which alleged its Cash App product facilitated fraud. "We want to thank all of you for your trust and continued belief in our work. We will work to balance that trust with accountability, some of which I hope this letter provides," Dorsey's letter concluded.

Dorsey said the company would focus on its go-to-market strategy, targeting local restaurants and services businesses to grow, and would refocus engineering talent using A.I. technology.

 

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