On the third anniversary of its AU$39 billion acquisition of Afterpay, fintech company Block (ASX: SQ2) raised its full-year guidance and announced a AU$3 billion USD share buyback. The company reported strong growth in its buy now, pay later (BNPL) segment.
Sales through the Afterpay platform increased by 21% in the second quarter, and gross profit for BNPL rose by 31% year-over-year to AU$220 million USD. Block's CEO, Jack Dorsey, praised Nick Molnar for shaping Afterpay's high-performing sales culture and expressed excitement for Molnar's impact on Square and Block's overall performance.
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