Block’s adjusted earnings rose 64% year-over-year but investors focused on operating expense concerns, pushing shares lower.
Block reported second-quarter adjusted earnings of $1.02 per share, surpassing consensus estimates and rising 64% from the prior year. Revenue also topped Wall Street targets, while profit guidance met expectations.
The results followed a period of heightened scrutiny over operating expenses, which remained elevated despite the earnings beat. Comparable metrics from the previous quarter showed modest improvement, though investor reaction suggested lingering concerns.
Shares fell in after-hours trading following the release, reflecting market sensitivity to cost management amid broader economic uncertainty.