Block Raises Full-Year Guidance as Cash App Delivers Record Results

Block's second quarter results exceeded expectations, driving the company to raise its full year guidance. Despite a 31% decline in Bitcoin ecosystem gross profit, Cash App generated $1.97 billion in gross profit, an increase of 31% year over year.

Cash App commerce volume rose 17% to $56.5 billion, while consumer lending originations increased 59% to $18.9 billion. The platform had 59 million monthly transacting active accounts in June, and primary banking actives rose 17% to 9.4 million.

Square's gross profit increased 13% to $1.16 billion, with total Square payment volume rising 13% to $72.8 billion. International Square payment volume surged 28%, or 25% on a constant currency basis.

Block raised its full year gross profit guidance to $12.51 billion from $12.33 billion, representing expected annual growth of 21%. The company also increased its adjusted operating income forecast to $3.47 billion and its adjusted diluted earnings guidance to $4.02 per share.