Block Inc. (Block (XYZ)) reported its first-quarter results after Thursday's closing bell, and the numbers were better than Wall Street expected. Shares jumped 8.35% to $76 in extended trading.

The company posted quarterly earnings of 85 cents per share, beating the analyst consensus estimate of 68 cents by 25%, according to market data. Revenue came in at $6.057 billion, just shy of the $6.061 billion estimate.

Here are the key highlights from the quarter:

• Overall gross profit growth accelerated to 27% year over year, with Cash App growing 38% and Square growing 9%.
• Commerce Enablement gross profit growth accelerated to 15%, led by Cash App strength.
• Financial Solutions gross profit growth accelerated to 55%, driven by Cash App Consumer Lending.
• Bitcoin Ecosystem gross profit declined 26% year over year, due to bitcoin trading dynamics and a strategic decision to reduce fees on certain bitcoin transactions.

CEO Jack Dorsey wrote in a letter to shareholders: "We continued to deliver strong financial performance in the first quarter as AI became more central to how Block operates and what we build for customers. We exceeded our guidance across gross profit, Adjusted Operating Income, and Adjusted EPS."

Looking ahead, Block raised its full-year outlook. The company now expects gross profit growth of 19% in 2026, along with margin expansion and adjusted diluted EPS growth of 62%.