Block (NYSE:XYZ) grew gross profit 22% in the third quarter, ahead of its own guidance, and raised its full-year outlook again. Shares rose about 8% in early after-hours trading. Its smaller workforce is now turning growth into profit, but GAAP results show two costs that the adjusted figures skip: loan losses and a third straight quarter of large legal charges. Square's growth is real and speeding up. U.S. payment volume growth rose to 10%, and gross profit grew in step with volume as field sales reps and reseller partners won sellers still on older systems. In payments, more volume at steady pricing compounds. The adjusted jump comes from February's staff cuts, which shrank product spending while gross profit kept rising. The catch is what adjusted results exclude: $435 million of contingency, restructuring, and other charges, mostly accrued legal costs, after similar charges in each of the prior two quarters. The letter doesn't name the legal matter.
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