Block shares jump on better-than-expected first-quarter results

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Block, formerly known as Square, ended the year with 57 million monthly transacting actives for Cash App in March, up 6% year-over-year. The Cash App business, which is the companys popular mobile payment platform, reported $1.26 billion in gross profit, a 25% year-over-year jump. Block, run by Twitter co-founder Jack Dorsey, said its Cash App Card monthly active users increased to 24 million in March. Chief financial officer Amrita Ahuja said in a call with CNBC that the company is raising its outlook for the year to reflect its strong performance in the first quarter. Dorseys note to shareholders began by directly addressing a question that he often fields: "Why the hell are you all spending so much time on bitcoin?"

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