Block Inc shares surged 8% in after-hours trading Thursday after the fintech company reported first-quarter adjusted diluted earnings of $0.85 per share, according to Google Finance data, beating the Zacks consensus estimate of $0.68 by 25.68%. The stock rose to $75.70 from a closing price of $70.14. Gross profit jumped 27% year over year to $2.91 billion, with Cash App’s segment delivering 38% growth and adjusted operating income climbing 56% to $728 million. However, Block’s Bitcoin ecosystem revenue declined 26% to $1.80 billion from $2.33 billion a year earlier, driven by shifting trading dynamics and reduced fees on certain Bitcoin transactions in Cash App.
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