Block posted $2.03 billion in gross profit, up 22% from a year ago. Analysts tend to focus on gross profit as a more accurate measurement of the company’s core transactional businesses.<\/p>\n

The company raised its adjusted EBITDA forecast to at least $2.63 billion from $2.40 billion.<\/p>\n

Block, formerly known as Square, ended the year with 56 million monthly transacting actives for Cash App in December, with most of those customers using it for either peer-to-peer payments or the Cash App Card.<\/p>\n

Its Cash App business reported $1.18 billion in gross profit, a 25% year-over-year rise.<\/p>\n

The company, which is run by Jack Dorsey, said its Cash App Card has 23 million monthly actives in December, up 20%. That is more than two times the growth rate of total monthly actives.<\/p>\n

“We believe this strategy will enable us to build the largest network in the long run, with a highly engaged customer base using Cash App as their primary banking solution,” Dorsey said in a note to shareholders.<\/p>\n