Jack Dorsey’s Block, Inc. (NYSE:SQ) reported a surprise third-quarter earnings and revenue beat on the heels of its solid Cash App business. The fintech company has been struggling to gain momentum owing to the volatile cryptocurrency prices this year. The positive news pushed SQ stock higher by over 15% in the after-hours trading session on November 3. Notably, Block’s gross profit jumped 38% year-over-year to $1.57 billion. This solid jump was attributed to Block’s online payments unit, Cash App, which registered a 51% rise in gross profit to $774 million.
