Block raised its 2024 adjusted EPS outlook by 62% year-over-year after strong Q1 results driven by AI-driven productivity gains.
Block reported a 27% year-over-year increase in first-quarter gross profit, with Cash App growth surging 38%. The company also achieved a 25% adjusted operating margin, citing strong customer engagement and operational efficiency.
Management raised full-year guidance, now expecting adjusted EPS to rise 62% year-over-year, up from prior projections. The upgrade reflects robust gross profit growth and expanding margins, supported by AI integration across its platforms.
CEO Jack Dorsey highlighted AI’s role in boosting productivity, noting a 2.5x increase in production code changes per engineer since January and a 70% reduction in post-deployment incidents. The company views AI as a core driver of future growth.