Block Reports $3.17B Q2 Gross Profit, Beats Estimates After 40% Layoffs

Block reported second-quarter results that beat Wall Street estimates, with gross profit of $3.17 billion, up 25% year over year and above its own $3.04 billion guidance. Revenue reached $6.62 billion, topping the $6.49 billion analysts expected, while adjusted earnings per share hit $1.02 against an 87 cent forecast. The results come five months after the payments company cut over 4,000 jobs, shrinking its workforce by 40%.

CFO Amrita Ahuja raised Block's full-year outlook to $12.51 billion in gross profit and $4.02 in adjusted earnings per share, up from $12.33 billion and $3.85 previously. Cash App gross profit rose 31% to $1.97 billion.