Block (ASX:SQ2) Q1 net income rises to $470.8M on expansion drive

Block reported a net income of $470.8 million for the first quarter, a substantial rise from $95.8 million in the prior year.

The growth stems from expanding product lines and markets.

The company's Cash App's gross profit rose 25% to $1.3 billion, driven by financial service expansions, while the Square segment's gross profit increased 19% to $820.3 million.

Despite successes, challenges persist, including bitcoin price volatility, regulatory hurdles, and the need for robust risk management.