Latest news with #gross profit
CNA
5 days ago
- Business
- CNA
Block raises annual profit forecast on resilient consumer spending; shares jump
Block reported a rise in second-quarter income and raised its expectations for annual gross profit on Thursday, as the payments firm was helped by resilient consumer spending, lifting its shares 12 per cent higher in extended trading. Businesses and individuals have continued to spend on essential products, even as they have cut back on discretionary expenses amid macroeconomic uncertainty. The Jack Dorsey-led firm now expects 2025 gross profit of $10.17 billion, up from the $9.96 billion it forecast earlier. Its Cash App, which enables peer-to-peer mobile payments, reported a gross profit growth of about 16 per cent in the second quarter ended June 30. This was slower than the 23 per cent growth it reported in the year-ago period. Block's Square segment — which provides payments solutions to small and medium-sized businesses - reported a 11 per cent rise in gross profit from the year-ago period. This was driven primarily by the company's software and integrated payments and banking products, as it continued to move upmarket and expand market share in target verticals, Block said. The company also allows its users to buy and sell bitcoin, the transaction fees of which directly affects its profit. Bitcoin revenue fell to $2.14 billion in the quarter ended June 30, from $2.61 billion in the year earlier. The crypto industry rebounded, and bitcoin touched several record highs, in the quarter as users got more regulatory certainty over their holdings through bills like Genius Act and Clarity Act. This led to investors holding on to their digital assets in hopes of higher returns, and in turn, hurting the buying-selling volume. Market volatility usually pushes trade volumes up. On an adjusted basis, the company reported net profit of $385 million, or 62 cents per share, in the second quarter, compared with $301 million, or 47 cents per share, in the year-ago period.
Yahoo
5 days ago
- Business
- Yahoo
Block raises annual profit forecast on resilient consumer spending
(Reuters) -Block reported a rise in second-quarter operating income on Thursday and raised its expectations for full-year gross profit, as the payments firm was helped by resilient consumer spending. Businesses and individuals have continued to spend on essential products, even as they have cut back on discretionary expenses amid macroeconomic uncertainty. The Jack Dorsey-led firm now expects 2025 gross profit of $10.17 billion, up from the $9.96 billion it forecast earlier. Its Cash App, which enables peer-to-peer mobile payments, reported a gross profit growth of about 16% in the second quarter ended June 30. This was slower than the 23% growth it reported in the year-ago period. On an adjusted basis, the company reported net profit of $385 million, or 62 cents per share, in the second quarter, compared with $301 million, or 47 cents per share, in the year-ago period. Shares of Block have lost nearly 10% in 2025 due to market volatility and a profit forecast cut, significantly underperforming the broader market.
CNA
5 days ago
- Business
- CNA
Block raises annual profit forecast on resilient consumer spending
Block reported a rise in second-quarter operating income on Thursday and raised its expectations for full-year gross profit, as the payments firm was helped by resilient consumer spending. Businesses and individuals have continued to spend on essential products, even as they have cut back on discretionary expenses amid macroeconomic uncertainty. The Jack Dorsey-led firm now expects 2025 gross profit of $10.17 billion, up from the $9.96 billion it forecast earlier. Its Cash App, which enables peer-to-peer mobile payments, reported a gross profit growth of about 16 per cent in the second quarter ended June 30. This was slower than the 23 per cent growth it reported in the year-ago period. On an adjusted basis, the company reported net profit of $385 million, or 62 cents per share, in the second quarter, compared with $301 million, or 47 cents per share, in the year-ago period. Shares of Block have lost nearly 10 per cent in 2025 due to market volatility and a profit forecast cut, significantly underperforming the broader market.
Khaleej Times
31-07-2025
- Business
- Khaleej Times
Union Properties' gross profit grows 44% in H1 2025
Union Properties on Thursday announced that gross profit in the first six months of 2025 rose 44 per cent year on year to Dh75.6 million, driven by solid progress across key operational and financial indicators. The company reported Dh152.4 million in gross revenue for Q2 2025, representing a 19 per cent year-on-year increase from Dh128 million in Q2 2024. Gross profit surged to Dh32.9 million, up 77.84 per cent compared to the same period last year, reflecting improved operational efficiency and margin recovery. For the first half of 2025, Union Properties recorded Dh316 million in total revenue, up from Dh266 million in H1 2024. Eng. Amer Khansaheb, chief executive officer and board member of Union Properties PJSC, commented: 'We are pleased to report another quarter of meaningful progress in our transformation. The first-half results reflect the strength of our operating fundamentals and our ongoing commitment to long-term value creation. While we continue to invest in scaling up our development business and digitising our operations, the financial impact of these strategic steps will unfold over the coming quarters.' The company's overhead expenses increased in H1 2025, primarily due to two factors: The early-stage nature of the real estate development cycle, where costs are incurred upfront while project revenues are expected to materialise progressively over the next three years; and a significant investment in digital transformation, addressing legacy technology gaps and modernizing systems across the Group to support future growth. As part of its ongoing debt management plan, Union Properties announced in Q2 its intention to repay Dh150 million in bank debt. However, only Dh20 million was repaid prior to quarter-end, with the remaining Dh130 million scheduled for repayment in Q3 2025 due to the timing of cash receipts after the quarter's close. A key strategic highlight of Q2 was the signing of a conditional sale agreement worth Dh700 million for a major real estate asset in Motor City. This landmark transaction is expected to be financially recognised in Q4 2025 and forms a cornerstone of the company's strategy to unlock value from its land bank and strengthen its balance sheet. While net profit for Q2 2025 stood at Dh8.74 million, lower than the same period last year, the decline is attributed to front-loaded investments in development activities and infrastructure upgrades. Notably, financial costs decreased to Dh14.28 million in the first half of 2025 from Dh15 million in H1 2024. Union Properties said it remains focused on executing its Dh5 billion+ development pipeline and delivering sustained value to shareholders through prudent capital allocation, revenue diversification, and operational transformation.
