Cash App Powers Block Outlook

It's Benzinga, bringing Wall Street to Main Street. Block raised its full-year gross profit outlook as Cash App growth lifted quarterly earnings, Reuters reports. Shares rose 7% in extended trading. Adjusted operating income climbed to $923 million from $480 million a year earlier. Cash App gross profit surged 27%, while Squares Pairs rose 14%. Block now expects 2026 gross profit of 12.63 billion dollars, up from 12.51 billion dollars. Transaction, loan, and consumer receivable losses rose nearly 65.6 percent to 601.7 million dollars. Separately, Block reached a preliminary agreement with the Justice Department over its anti-money laundering program. The expected net payment is roughly 764 million dollars. Final terms and court approval remain pending. For all things money, visit Benzinga.com.