The Cash App and Square owner said growth in commerce and financial solutions lifted second-quarter revenue, while net income fell to $87.1 million from $538.3 million a year earlier.
Block raised its full-year guidance after reporting higher second-quarter revenue, with growth in its commerce and financial solutions businesses helping offset declines in Bitcoin. The owner of Cash App and Square posted net income of $87.1 million, down from $538.3 million a year earlier. Earnings were 15 cents a share, compared with 87 cents a share in the prior-year period.