Block’s first-quarter profit jumps on resilient consumer spending

(Reuters) – Jack Dorsey-led Block posted a jump in first-quarter profit on Thursday as the payments firm benefited from resilient consumer spending and its own cost cuts.

Adjusted net income rose to $542.9 million, or 85 cents per share, in the three months ended March 31, from $271.2 million, or 43 cents per share, a year earlier.

(Reporting by Arasu Kannagi Basil in Bengaluru; Editing by Pooja Desai)