(RTTNews) - Fintech company Block Inc. (XYZ) on Thursday reported a wider first-quarter loss, despite growth in revenues.
Net loss attributable to common stockholders widened to $308.68 million, or $0.52 loss per share, from a net loss of $189.87 million, or $0.30 earnings per share, in the year-ago quarter.
Adjusted earnings increased to $0.85 per share from $0.56 per share a year ago.
Revenue increased 4.9% to $6.06 billion from $5.77 billion last year.
Cash App gross profit surged 38% to $1.91 billion, while Square gross profit increased 9% to $982 million. Cash App monthly transacting actives increased 4% year-over-year to 59 million, while Primary Banking Actives rose 18% to 9.7 million.
Looking ahead, the company raised its full-year 2026 outlook and now expects gross profit of $12.33 billion, representing 19% growth year-over-year. Adjusted earnings are projected at $3.85 per share for the year.
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