{
  "id": 18046046,
  "title": "Block lifts profit outlook on Cash App strength, reaches preliminary DOJ settlement",
  "url": "https://urgent.news/2026/11/04/block-lifts-profit-outlook-on-cash-app-strength-reaches-preliminary-18046046",
  "topic": "finance",
  "section": "Finance & Markets",
  "published": "2026-11-04T00:07:25.000Z",
  "source": {
    "name": "CNA - Business",
    "slug": "cna-business",
    "url": "https://www.channelnewsasia.com/business/block-lifts-profit-outlook-cash-app-strength-reaches-preliminary-doj-settlement-6518281"
  },
  "original_language": "en",
  "account": "Block, under the leadership of Jack Dorsey, raised its full-year gross profit outlook on Tuesday, citing strong performance from its Cash App unit in boosting quarterly earnings. The company's shares surged 7% in extended trading. The US economy expanded at its fastest pace in a year during the third quarter, overcoming higher oil prices stemming from the Iran conflict, which led to robust consumer spending, benefiting financial institutions like Block. Cash App, the consumer-focused financial platform, experienced a 27% increase in gross profit in the third quarter compared to the previous year. Square's merchant business also saw a 14% rise in gross profit. Block has diversified its revenue streams through Cash App's banking and lending products, which helped offset increases in credit losses. The company anticipates a 22% growth in gross profit to $12.63 billion for 2026, with a 15% growth forecast for 2027, driven by AI investments. Adjusted operating income for the quarter ending September 30 reached $923 million, or $1.13 per share, up from $480 million, or 54 cents per share, a year ago. Block also reached a preliminary settlement with the US Department of Justice in October, deferring a charge that the company failed to maintain an effective anti-money laundering program in violation of the Bank Secrecy Act. The agreement could result in a net payment of approximately $764 million after accounting for prior regulatory resolutions, though the final terms could lead to losses exceeding the amount already accrued.",
  "summary": null,
  "key_points": [],
  "editors_take": null,
  "illustration": null,
  "coverage": {
    "outlets": 2,
    "also_reported_by": [
      {
        "outlet": "Techmeme",
        "title": "Block reports Q3 revenue up 10% YoY to $6.7B, above est., Cash App gross profit up 27% to $2.07B, raises its full-year profit outlook; XYZ jumps 5%+ after hours (Reuters)",
        "url": "https://urgent.news/2026/11/03/block-reports-q3-revenue-up-10-yoy-to-6-7b-above-est-cash-app-gross",
        "published": "2026-11-03T22:50:00.000Z"
      }
    ]
  },
  "ai_generated": true,
  "disclaimer": "Summaries, key points and the editor’s take are written by software from other outlets’ reporting and may contain errors — always check the linked original."
}