Block quarterly profit jumps on resilient consumer spending

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May 7 : Jack Dorsey-led Block on Thursday reported a jump in first-quarter profit, lifted by resilient consumer spending.

Adjusted profit was $513 million, or 85 cents per share, in the three months ended March 31, compared with $355 million, or 56 cents per share, a year earlier.

Shares of the Oakland, California-based company jumped 10.4 per cent in extended trading.

U.S. consumer spending remained broadly resilient in the first three months of 2026, underpinned by a stable labor market and wage growth.

Higher tax refunds also acted as a tailwind, while the U.S.-Israeli war with Iran boosted gasoline prices and drove up receipts at service stations.

Gross profit surged 27 per cent in the quarter, driven by strong growth in Block's Cash App and Square businesses.

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