Jack Dorsey’s Block Inc. raised its full-year profit guidance after second-quarter earnings came in well ahead of Wall Street expectations, fueled by strength in its Cash App lending business and resilient payment volumes.

Block Inc. raises 2025 profit forecast to $10.17b from $9.96b after a strong Q2. Shares surge 8% in after-hours trading following the upbeat outlook. Cash App gross profit jumps 16% to $1.50b, beating estimates, driven by Borrow, card spending, and BNPL.

Block reported a rise in second-quarter income and raised its annual gross profit forecast on Thursday, as the payments firm was helped by resilient consumer spending, lifting its shares 6% higher in extended trading.

ASX-listed shares of Block surged in early trade after the Afterpay owner raised its full-year gross profit forecast this morning. Block shares were up 7.2% to $124.78 at 10:55am AEST, extending gains of more than 40% over the last 12 months.

Shares of Block Inc (NYSE:XYZ) jumped 8% in premarket trading on Friday following the company’s second-quarter report that showcased impressive gross profit growth, even as adjusted earnings per share fell short of forecasts.