Block Stock Jumps as Cash App Boom Lifts 2026 Outlook Despite Quarterly Loss
Block raised its 2026 gross-profit forecast to $12.33 billion after Cash App and Square posted strong first-quarter growth. Shares rose 7.7% in after-hours trading. The company reported a $308.7 million net loss and a $240 million accrual related to a Justice Department inquiry. Workforce was cut by over 40% under a February restructuring plan.