Fintech firm Block’s first-quarter results have beat Wall Street analyst revenue and earnings expectations which saw its shares jump after-hours.

On May 2, Block, Inc. posted its Q1 2024 results showing revenues of $5.96 billion — beating estimates from analytic firm Zacks by 3.54%.

Block’s earnings per share was $0.85 — up from Zack’s $0.62 per share estimate. Its Q1 gross profits reached $2.09 billion, up 22% from the year-ago quarter.

Block’s  latest gross profit saw a slight quarterly growth. Source: Block, Inc.

The firm’s mobile payments platform Cash App bolstered its profits, reporting $1.26 billion in gross profits for Q1.

Block, Inc. (SQ) shares closed up 5.1% on May 2 at $70.30, jumping 6.8% after-hours to over $75,  according to Google Finance.

Block (SQ) briefly reached an after-hours high of $78. Source: Google Finance

Its share price is down 2.6% year-to-date — it fell from around $73 to $66 earlier this week after NBC News reported United States prosecutors were probing the firm after a whistleblower alleged its Square and Cash App businesses processed transactions for terrorist groups and users in sanctioned countries.

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Block co-founder Jack Dorsey opened its shareholder letter by answering the question: “Why the hell are you all spending so much time on Bitcoin?”

Dorsey said less than 3% of its resources go to Bitcoin-related projects, which are “fully covered” by its Bitcoin exchange profits, but claimed it's needed as “the world needs an open protocol for money, one that’s not owned or controlled by any single entity.”

“We believe Bitcoin is the best and only candidate to be that protocol,” he wrote. Dorsey added it benefitted Block an “open protocol for money helps us serve more people around the world faster.”

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This is a developing story, and further information will be added as it becomes available.