Block Shares Drop After Worse-Than-Expected Q1 Results: Details

Block, Inc. XYZ released its first-quarter results after Thursday's closing bell. Here's a look at the key figures from the report. 

The Details: Block reported quarterly earnings of 56 cents per share, which missed the 87 cent analyst consensus estimate. Quarterly revenue came in at $5.77 billion, missing the consensus estimate of $6.2 billion.

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For the first quarter, Block reported:

• Total Square GPV grew 7.2%, with U.S. GPV growing 5.6% and International GPV growing 15%.
• Excluding leap day in 2024, Square GPV grew 9.4% in constant currency.
• Cash App gross profit per monthly transacting active grew 9% year-over-year to $81.10.

“Our growth in the first half of this year does not meet our bar, and we remain confident in our ability to accelerate Block’s gross profit growth in the second half of 2025 and beyond. Cash App gross profit growth came in below our expectations, largely driven by softer inflows and Cash App Card spend than we had forecasted. We saw changes to consumer spending as the quarter progressed that we believe drove the majority of our forecast miss,” CEO Jack Dorsey wrote in a letter to shareholders.

Outlook: Block now expects $9.96 billion in gross profit for 2025, for growth of 12% year over year. Block sees gross profit in the second quarter to grow 9.5% year-over-year to $2.45 billion and expects to accelerate gross profit growth meaningfully in the second half of the year.

XYZ Price Action: According to data from Benzinga Pro, Block stock was down 16.07% after hours at $49.08 on Thursday.  

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