By Denny Jacob

Financial services company Block reported a narrower loss and better-than-expected revenue in the latest quarter.

The San Francisco-based company narrowed its loss to $125.8 million, or 20 cents a share, for the second quarter ended June 30, from $209.3 million, or 36 cents a share, a year earlier. Adjusted earnings were 39 cents a share, above analysts' estimates of 36 cents.

Revenue climbed to $5.53 billion from $4.4 billion. Analysts polled by FactSet expected $5.1 billion.

Transaction-based revenue rose 11% year over year to $1.64 billion in the quarter, while subscription and services-based revenue soared 33% from a year earlier to $1.46 billion.

Block said it continues its momentum with its Square Banking products. "While early, both Square Credit Card and our new loan options have seen strong usage, particularly among larger sellers who value the flexibility and ability to reinvest into their business," the company said in a letter to shareholders.

Write to Denny Jacob at denny.jacob@wsj.com

(END) Dow Jones Newswires

August 03, 2023 16:55 ET (20:55 GMT)

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