Block Inc., the payments company led by Jack Dorsey, reported a surge in profit and growth for its second quarter, boosted by increased spending through Afterpay. Block has also integrated artificial intelligence features into its Square terminals, enabling sellers to access sales data through voice commands. Dorsey announced on an investor call that Block is “back to growth mode” and subsequently raised guidance for the second half of the year. Block provides tools and services to help businesses manage payments, sales, and customer engagement. Its offerings include hardware and software solutions for point-of-sale transactions, as well as platforms for online commerce and financial services.
Gross profit for the second quarter reached $US2.54 billion, a 14 per cent increase year-over-year, surpassing the 9 per cent growth reported in the first quarter. Adjusted operating income for the second quarter hit a record quarterly level of $US550 million, up 38 per cent compared to the previous year.
Block shares, which were recently added to the S&P 500 index, experienced a surge of over 6 per cent in after-hours trading in New York following the earnings announcement. The company’s focus on innovation, particularly in integrating AI and expanding its Afterpay services, appears to be resonating with investors.