Block said it expects to deliver gross profit growth this year of 15% to $10.22 billion and adjusted operating income of $2.1 billion for a margin of 21%.
Block's payments business has expanded beyond traditional point-of-sale transactions to include lending and financial services. In 2021, the company acquired Australian buy now, pay later firm Afterpay for $29 billion, integrating the service into Cash App and Square's ecosystem. This week, Afterpay on the Cash App card begins rolling out.