Block (NYSE:SQ) increased in pre-market trading after the company reported better-than-expected Q1 results. Block, formerly Square, reported

Block SQ delivered first-quarter 2024 adjusted earnings of 85 cents per share, which improved 112.5% year over year. The figure surpassed the Zacks Consensus Estimate by 37.1%. Net revenues of $5.96 billion surpassed the Zacks Consensus Estimate of $5.

Also contributing was momentum across the company’s two main business areas, the Cash App mobile wallet and the Square merchant business.

The payments fintech, which is the parent company Square, topped quarterly estimates and boosted guidance in its earnings report.

Block's earnings report comes during a slide in the stock price tied to reports that U.S. prosecutors were probing the company's compliance practices.

Square-parent Block on Thursday reported first-quarter earnings and revenue that topped estimates while guidance for Square stock came in above expectations. SQ stock rose on the news.Released after the market close,

Block earnings beat expectations as revenue rose 19% in the first quarter, boosted by Bitcoin. The stock is rising.The payments fintech reported adjusted earnings of 84 cents a share on revenue of $5.