Block beat third-quarter estimates with adjusted earnings of $1.13 per share on $6.72B in revenue, up nearly 10%, and raised its outlook for the year for a third straight quarter. Square’s gross payment volume rose 14% to $76.4B, its fastest pace since early 2023, while Cash App gross profit climbed 27% on a 40% jump in consumer lending originations to $19B. But as that lending grew, losses on transactions, loans, and consumer receivables rose 66%. Block now expects full-year gross profit of $12.63B, up from its August forecast of $12.51B, and at least 15% growth in 2027. In October, Block began customer pilots of Buzz, open-source software where people and AI agents work side by side, and it expects its first revenue from AI tools in Q4.
