(Reuters) – Block reported a profit for the second quarter, compared to a loss a year earlier, as the payments firm benefited from robust consumer spending.
A tight labor market has afforded job security for Americans, allowing them to continue spending on travel, shopping and dining out, even as the U.S. Federal Reserve held its benchmark interest rate steady.
Jack Dorsey-led Block has also focused on driving “profitable growth” by cutting jobs, reducing its real estate footprint and scaling back discretionary spending.
Total net revenue jumped 11% to $6.16 billion in the quarter.
Net income attributable to common stockholders came in at $195.3 million, or 31 cents per share, in the three months ended June 30, compared to a loss of $102.0 million, or 17 cents per share, a year earlier, the company said on Thursday.
(Reporting by Arasu Kannagi Basil in Bengaluru; Editing by Sriraj Kalluvila)
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