Block Reports Profit Gains and DOJ Settlement Details

• Block reported a 22% increase in gross profit for the third quarter, exceeding its own guidance.
• The company raised its full-year outlook for the second time.
• Block disclosed a potential larger settlement with the US Department of Justice for alleged customer abuses.
• GAAP results showed two significant costs: loan losses and ongoing legal charges.
• Shares of Block rose about 8% in early after-hours trading.