Financial services company Block, Inc. (NYSE: SQ), previously known as Square, reported a sharp increase in first-quarter adjusted earnings. Revenues increased 26%.
First-quarter earnings, adjusted for one-off items, more than doubled to $0.40 per share from $0.18 per share in the corresponding quarter of the previous year. On an unadjusted basis, the company reported a net loss of $16.8 million or $0.03 per share for the most recent quarter, compared to a loss of $204.2 million or $0.38 per share in the prior-year period.
Total revenues increased 26% year-over-year to $4.99 billion. At $51.1 billion, gross payments volume was up 17% compared to the first quarter of 2022.