Block (SQ) reported first quarter adjusted earnings per share of $0.85 compared to a $0.71 estimate. Revenue of $5.96 billion was just slightly better than the $5.89 billion estimate. The company also says in its release that it will be investing 10% of its "gross profit from bitcoin products into bitcoin purchases."

Block also raised its full-year gross profit and adjusted EBITDA forecasts.

Yahoo Finance's Julie Hyman breaks down the financial technology company's quarterly results.

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This post was written by Stephanie Mikulich.