Block shares pop 11% on full-year guidance boost

Core Insights - Block's shares surged in extended trading after the company raised its full-year gross profit forecast to $10.17 billion, indicating a 14% growth from the previous year [2] - The company reported a gross profit of $2.54 billion for the quarter, which is a 14% increase year-over-year, surpassing analysts' expectations of $2.46 billion [1] - Block's adjusted earnings per share were 62 cents, slightly below the expected 69 cents [1] Financial Performance - Gross payment volume for Block increased by 10% to $64.25 billion [1] - The company anticipates a full-year adjusted operating income of $2.03 billion, reflecting a 20% margin [2] - For the third quarter, Block expects gross profit to grow by 16% year-over-year to $2.6 billion, with an operating margin of 18% [2] Market Position - Despite facing increased competition from companies like Toast and Fiserv's Clover, Block's Square business gained market share in sectors such as retail and food and beverage [3] - Year-to-date, Block's shares have declined by 10%, contrasting with a 10% increase in the Nasdaq [3] - Block was recently added to the S&P 500 index, indicating a significant milestone for the company [3]