Block Swings to Net Income in Q2; Full 2024 Guidance Raised

Block (ASX:SQ2), formerly known as Square, reported an attributable net income of $195.3 million for the three months ended June 30, compared with a loss of $102 million for the year-ago period, according to a Friday filing with the Australian bourse.

The payment services provider's net income per share was $0.31 for the second quarter, compared with a loss of $0.17 per share a year ago.

Total net revenue came in at $6.16 billion, up 11% from $5.53 billion a year earlier.

The company raised its 2024 guidance to "reflect outperformance" in the second quarter and its stronger expectations for the remainder of the year.

Full-year gross profit is forecast to reach at least $8.89 billion, up 18% year over year and higher than the previous guidance of $8.78 billion. Adjusted earnings before interest, taxes, depreciation, and amortization are projected to come in at $2.9 billion, compared with $2.76 billion previously.