According to Bloomberg, Block, Jack Dorsey's payments company, reported third-quarter results, with gross profit increasing 22% year-over-year to $3.2 billion, exceeding analysts' expectations of $3.1 billion. The company also raised its full-year 2026 gross profit guidance from $12.5 billion to $12.6 billion. Simultaneously, Block disclosed a $964 million deferred prosecution agreement with the U.S. Department of Justice (DOJ) regarding a long-running investigation involving alleged customer abuse. Net costs, excluding related offsets, were $764 million, higher than the previously set aside $526 million in settlement provisions. The company's third-quarter operating expenses were $2.8 billion, increasing both year-over-year and sequentially, with a loss of approximately $230 million on its Bitcoin investment. Block is adjusting its cost structure and expanding revenue streams through layoffs, business consolidation, and the commercialization of its internal AI tools. Following the earnings release, Block's stock price rose approximately 6.2% in after-hours trading. https://(wublock123.com)/news/block-q3-gross-profit-up-22pct-to-3-2b-settles-964m-doj-deferred-prosecution-71273