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Investing.com — Block reported third-quarter earnings Thursday that handily beat Wall Street estimates, driven by strong performance in its cash app and square payment products.
Block (NYSE:SQ) was up more than 11% in afterhours trading following the report.
Block reported EPS of $0.42 per share on revenue of $4.52 billion, topping analysts estimates for a EPS of $0.24 and in-line with expectations for revenue of $4.52 billion.
The beat on the bottom line was driven by performance of its Cash App, which generated gross profit of $774 million, up 51% year over year, and Square generated gross profit of $783 million, up 29% year over year.
Transaction-based revenue was $1.52 billion in the third quarter, up 17% year over year, as payment volume climbed to $54.37 billion from $45.43 billion in the same period a year earlier.
