(Bloomberg) -- Block Inc. again raised its full-year outlook as the Jack Dorsey-helmed financial-technology firm doubles down on expense management.
Ebitda, or adjusted earnings before interest, taxes, depreciation and amortization, is now expected to be $2.90 billion for the full year, up from $2.76 billion. Second-quarter Ebitda was $759 million for the quarter, beating analyst estimates, according to a Thursday letter to shareholders.
“Operating income margin was 14% and adjusted operating income margin was 18% as strong growth and disciplined expense management enabled us to achieve meaningful margin expansion during the quarter,” Dorsey, Block’s co-founder, said Thursday in the letter.
Bitcoin revenue was $2.61 billion for the quarter, undershooting analyst estimates for the three-month period. Block is investing 10% of gross profit from Bitcoin products each month into buying Bitcoin for investment, Dorsey announced in May when the firm last reported earnings.
Block is best known for its person-to-person money transfer service Cash App and payments processing platform Square, but also includes more nascent businesses like TBD, which focuses on decentralized technologies. Block competitors include PayPal Holdings Inc., the parent company of Venmo, another peer-to-peer money transfer platform.
Cash App will also be shutting down in the UK, which was its first expansion internationally, the firm told customers last month.
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