Block Lifts Profit Outlook on Cash App Strength, Reaches Preliminary DOJ Settlement
Reuters
Block, the parent company of Cash App, has raised its profit outlook due to the strength of its flagship mobile payment app. Additionally, the company has reached a preliminary settlement with the U.S. Department of Justice (DOJ).
The company's strong performance is attributed to the growing adoption of Cash App, which offers a range of financial services, including peer-to-peer payments, cryptocurrency trading, and investment options.
According to the announcement, the preliminary settlement with the DOJ resolves certain investigations into anti-competitive practices related to Cash App's growth and expansion. The details of the settlement have not been disclosed.