Block raised its full-year outlook after a strong second quarter, with gross profit of $3.17 billion, up 25% year over year, and adjusted diluted earnings per share of $1.02, beating the Wall Street consensus estimate of 87 cents. The company also exceeded its adjusted operating income guidance at $855 million. Block raised its full-year gross profit guidance to $12.51 billion and its adjusted operating income guidance to $3.47 billion. Management said agentic AI helped write and review nearly all production code changes in June, months after cutting 4,000 jobs in February as part of an AI-led restructuring. Business lead Owen Jennings indicated that code changes per engineer are up 150% compared to the start of the year.
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