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Block Inc., the digital payments firm formerly known as Square, reported gross profit for the third quarter that exceeded analysts expectations, boosted by an increase in business from retailers and restaurants using its sales products. Shares climbed more than 17% in after-hours trading.

In the third quarter, gross profit, the companys profit before subtracting some costs like product development and marketing, was $1.57 billion, an increase of 38% over last year and better than the $1.52 billion analysts were projecting.