May 7 (Reuters) – Jack Dorsey-led Block on Thursday reported a jump in first-quarter profit, lifted by resilient consumer spending.
Adjusted profit was $513 million, or 85 cents per share, in the three months ended March 31, compared with $355 million, or 56 cents per share, a year earlier.
Shares of the Oakland, California-based company jumped 10.4% in extended trading.
U.S. consumer spending remained broadly resilient in the first three months of 2026, underpinned by a stable labor market and wage growth.
Higher tax refunds also acted as a tailwind, while the U.S.-Israeli war with Iran boosted gasoline prices and drove up receipts at service stations.
Gross profit surged 27% in the quarter, driven by strong growth in Block’s Cash App and Square businesses.
(Reporting by Arasu Kannagi Basil in Bengaluru; Editing by Tasim Zahid)
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