According to CoinMeta, and as reported by Bloomberg, the digital payment company Block saw its gross profit in the second quarter increase by 25% year-over-year to $3.2 billion. The adjusted operating profit was $864 million, and the adjusted earnings per share were $1.02, both of which exceeded market expectations. However, due to restructuring costs and increased marketing and sales expenditures, net profit decreased by 84% year-over-year to $88.5 million. The company has raised its guidance for gross profit, adjusted operating profit, and adjusted diluted earnings per share for 2026 to $12.5 billion, $3.5 billion, and $4.02 respectively, stating that the growth of Square and Cash App business, along with improved cost efficiency, drove these results. Block previously carried out large-scale layoffs and used AI tools for internal development as well as products for merchants and users. During the same period, the gross profit of its Bitcoin business declined by 31%, mainly due to low cryptocurrency prices and reduced transaction fees.