Block Reports Profit That Tops Estimates, Pledges ‘Efficiency’

Block Inc., the digital payments company formerly known as Square, reported profit that topped analysts’ estimates and said it would try to slow the growth of operating costs. The shares gained in extended trading.

Block, run by Twitter co-founder Jack Dorsey, projected first-quarter expenses that were much less than analysts’ estimates, sending a message that the San Francisco-based company plans to be more cost-conscious in 2023. Chief Financial Officer Amrita Ahuja said the company is focused on improving “efficiency” this year, including in areas such as hiring, sales and marketing.

Fourth-quarter gross profit was $1.66 billion, Block said Thursday ...