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Block Inc logo is seen displayed in this illustration taken, April 10, 2023. 

Dado Ruvic | Reuters

Block reported first-quarter earnings after the bell that exceeded analysts’ estimates. The stock rose about 10% in extended trading.

Here’s how the company did, compared to analysts’ consensus from LSEG.

  • Earnings per share: 85 cents adjusted vs. 72 cents adjusted that was expected
  • Revenue: $5.97 billion vs. $5.82 billion expected

Block posted $2.09 billion in gross profit, up 22% from a year ago. Analysts tend to focus on gross profit as a more accurate measurement of the company’s core transactional businesses.

The company reported net income of $472 million, or 74 cents per share, more than quadruple the net income of $98.3 million, or 16 cent per share, a year earlier.

The company raised its adjusted EBITDA forecast for the second quarter to $690 million from $670 million.

Block, formerly known as Square, ended the year with 57 million monthly transacting actives for Cash App in March, up 6% year-over-year. Inflows per transacting active were $1,255, up 11% year over year.

The Cash App business, which is the company’s popular mobile payment platform, reported $1.26 billion in gross profit, a 25% year-over-year jump. Block, run by Twitter co-founder Jack Dorsey, said its Cash App Card monthly active users increased to 24 million in March.

Block is also more focused on integrating Afterpay, the buy-now, pay-later company it bought for $29 billion in 2021. Afterpay struggled following the deal, posting big losses.

Block has slimmed down operations in recent months. In January, Dorsey reportedly said in a note to staffers that the company had laid off a “large number” of workers. This followed another round of layoffs in December.

Chief financial officer Amrita Ahuja said in a call with CNBC that the company is raising its outlook for the year to reflect its strong performance in the first quarter.

Dorsey’s note to shareholders began by directly addressing a question that he often fields: “Why the hell are you all spending so much time on bitcoin?”

“Less than 3% of company resources are dedicated to bitcoin-related projects,” Dorsey wrote. “But why spend time on bitcoin at all? We believe the world needs an open protocol for money, one that’s not owned or controlled by any single entity.”

Bitcoin, said bitcoin will ultimately help Block “serve more people around the world faster.” He added that going forward, Block will be investing 10% of its gross profit from bitcoin products into purchases of bitcoin for investment.

“We were one of the first public companies to put bitcoin on our balance sheet,” he wrote.

The $220 million the company invested into bitcoin has grown 160% to $573 million as of the end of the first quarter, according to Dorsey.

Federal probe into Block

Cash App remains a significant contributor to overall profitability at the company.

The Block CFO told CNBC that the fintech firm has seen “continued resilience of spend” with not only growth in actives, but also growth in spend per monthly active user on a year-over-year and quarter-over-quarter basis.

“Which shows us again, continued resilience of this customer base and strong engagement with our product,” said Ahuja.

Shares in Block dropped 8% percent on Wednesday after an NBC investigation claimed that U.S. prosecutors were probing the company’s compliance practices based on information leaked to them by a former employee of the company.

“Most of the transactions discussed with prosecutors, involving credit card transactions, dollar transfers and bitcoin, were not reported to the government as required,” the NBC story alleged.

The whistleblower reportedly gave the government materials showing breaches in know-your-customer and anti-money laundering rules, as well as evidence indicating that management ignored these lapses.

Unlike past reports of possible wrongdoing at the company, the latest allegations encompass both Cash App and the company’s Square point-of-sale technology. It also includes within its scope international payments, sanctioned nations, and breaches of the Office of Foreign Assets Control. In September, Alyssa Henry stepped down as Square CEO. Dorsey stepped in to fill the role and no successor has been announced.

A separate report in February published by the same NBC reporter found that two whistleblowers had gone to the U.S. Treasury’s Financial Crimes Enforcement Network, or FinCEN, to share similar allegations. The popular payment app “had no effective procedure” to establish the identity of its customers, two whistleblowers told officials, according to NBC.

Analysts for Macquarie wrote in a note on Wednesday that should the Federal probe find merit in these claims, they see greater potential for fines or behavioral remedies such as robust oversight teams and infrastructure rather than “something structural like limitations on the types of business it can do.”

Last year, short seller Hindenburg Research levied similar claims, alleging that Block allowed criminal activity to operate with lax controls and “highly” inflates Cash App’s transacting user base, a key metric of performance.

Hindenburg described Block’s internal systems as a “‘Wild West’ approach to compliance.”

— CNBC’s Michael Bloom and Kate Rooney contributed to this report.

WATCH: Block shares pop on earnings beat

Block shares pop on Q4 earnings beat

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Hyundai wants to kill off this popular EV design trend, and I have to agree

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Hyundai wants to kill off this popular EV design trend, and I have to agree

Is it just me, or do too many new vehicles look about the same? Hyundai believes it’s time to end a popular trend that nearly every EV has nowadays.

Hyundai looks past the LED lightbar for new EV design

The LED light bar has been around for a while. In the early 2000’s Xenon headlights were the hit trend, offering much brighter light while consuming less energy.

Although it was initially mainly found on luxury vehicles, Hyundai was one of the first to jump on the trend, working to make it more widely available at a lower cost.

Over the past few years, the trend has evolved into a thin LED light strip stretched across the front and sometimes the rear of the vehicle.

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Since most brands are slapping it on electric vehicles, it’s become almost a status symbol of the EV movement. In early 2023, Hyundai revealed the new “EV-derived, futuristic” design for the Kona Electric, placing a heavy emphasis on the front LED lightbar.

Hyundai-EV-design-trend
Hyundai Kona Electric N Line (Source: Hyundai)

Nowadays, nearly every vehicle, EV or gas-powered, has the popular design feature. Even Tesla hopped on the trend with the new Model Y, Model 3, and Cybertruck.

According to Hyundai’s design boss, Simon Loasby, LED lightbars are “almost at the end of their journey.” After unveiling the new Concept Three at the Munich Motor Show last week, Loasby explained to Car Magazine on the sidelines, “When is the time you need to let go [of light bars], it’s almost like the end of that.”

Hyundai-EV-design-trend
The 2026 Hyundai Sonata Hybrid Limited with an LED lightbar (Source: Hyundai)

Although Hyundai recently added the lightbar to the Grandeur, Kona, and Sonata, Loasby said he’s “seen enough.”

“It worked at the time, and it was absolutely right, the Grandeur was the first car with a one-piece structure. The biggest thing is the cost level, you just can’t afford to do it and some customers don’t need it,” Hyundai’s design chief explained.

Hyundai-EV-design-trend
Hyundai IONIQ 9 (Source: Hyundai)

In China, “you must have it,” Loasby said, but in other markets, like Europe and the US, it’s not needed. Hyundai is instead focusing on differentiating itself with its unique pixel lightning, found on the IONIQ EV models.

Hyundai has already had a few copy its design, notably the Fiat Grande Panda, which Loasby joked, “thanks for copying, thanks for being inspired by us.”

Hyundai-EV-design-trend
The Hyundai Concept THREE EV, a preview of the IONIQ 3 (Source: Hyundai)

It may be time for a shake-up. Loasby said, “I think we are almost at the end of journey in terms of lighting. It’s almost like chrome.”

Hyundai’s new Concept Three, which is expected to launch as the IONIQ 3 in production form, did not feature a full LED lightbar. Instead, it had an updated pixel lightning design.

Electrek’s Take

I have to agree with Loasby on this one. I must admit that at first, I was a fan of the sleek look of a nice, slim lightbar, especially at night.

The more I see it, the more it reminds me of a Toyota now. And that’s nothing against them (It is the world’s largest automaker), but should a Tesla Model Y, or even a Porsche 911, look the same as a Toyota from the front? I’ll let you determine that one.

I drive a 2023 Tesla Model 3, the last of the pre-facelift version, and was pretty bummed to see how cool the updated Model 3 looked at first. The more I see them, though, the more I like the design of the first-gen Model 3 and its wide eyes. It’s unique. Now, the Model 3 looks like any other vehicle, at least, in my opinion.

Is it time to put an end to the LED lightbar? Let us know how you feel about it below.

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Eat Culver’s frozen custard + fast charge your EV in Wisconsin

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Eat Culver's frozen custard + fast charge your EV in Wisconsin

Zero 60, an EV charge point operator on the ChargePoint network, is bringing fast charging to a Culver’s in the Northwoods of Wisconsin. The company, founded by Faith Technologies Incorporated (FTI), will install a renewable-powered charging station in Rhinelander.

The new site sits along a state-designated Alternative Fuel Corridor at Culver’s on 620 W. Kemp St. It will feature four 160-kilowatt charging ports, giving EV drivers in northern Wisconsin reliable fast charging well beyond the state’s urban hubs.

The project is backed by the Wisconsin Department of Transportation’s first round of funding from the Wisconsin Electric Vehicle Infrastructure (WEVI) program. Wisconsin wants to ensure EV drivers can confidently travel north, knowing they won’t be stranded without chargers.

“Partnering with a well-known brand like Culver’s gives us a unique opportunity to combine Midwest hospitality with clean, convenient charging,” said Wade Leipold, executive vice president of FTI. “We’re proud to support Wisconsin’s efforts to build a robust, future-ready charging network that serves communities and travelers alike.”

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Zero6 Energy is financing, owning, and operating the station, while FTI is handling the engineering, design, installation, and ongoing maintenance. Zero 60 already operates nine charging sites and has plans for many more across the US, with the first wave of stations installed in New York, California, Colorado, and Wisconsin, and more currently being developed in other states.

Read more: GM, EVgo, and Pilot hit 200+ charging sites across 40 states


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Tesla is trying to hide 3 Robotaxi accidents

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Tesla is trying to hide 3 Robotaxi accidents

Tesla is attempting to conceal the details of three separate accidents involving its Robotaxi service in Austin, Texas, despite having only two months of service with a small fleet.

Due to the Standing General Order 2021-01 (the “SGO”), automakers are required to report to NHTSA crashes involving their autonomous driving and advanced driver assistance systems within five days of being notified of them.

We have previously reported on Tesla leading crashes for level 2 driver assistance systems by thousands of reported crashes, but the automaker never reported any automated driving crashes because it never had any system that would qualify as a level 3-5 SAE automated driving system, despite the name of its “Full Self-Driving” software package.

This has changed with the launch of Tesla’s limited Robotaxi service in Austin, Texas.

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Now, Tesla has reported its first three accidents involving an “automated driving system” through its new Robotaxi effort:

Report ID Same Incident ID Model Model Year Incident Date Incident Time Roadway Type Injury Severity*
13781-11507 346e79b6abcc2ca Model Y 2026 JUL‑2025 03:45 Street Property Damage. No Injured Reported
13781-11459 8578fbc6ef74c60 Model Y 2026 JUL‑2025 12:20 Street Minor W/O Hospitalization
13781-11375 b5d3e7bb23a3388 Model Y 2026 JUL‑2025 15:15 Intersection Property Damage. No Injured Reported

All the accidents happened in July, during Tesla’s first month of operating its Robotaxi service in Austin, Texas.

There was at least one injury reported for one of the crashes, but Tesla lists it as “minor”. None of the accidents is being investigated by authorities based on the information Tesla has released.

Tesla hasn’t released many details about its Robotaxi effort, but the automaker is estimated to have only about 12 vehicles in its Robotaxi fleet in Austin as of July, and it was offering rides to only a limited group of users, mostly Tesla influencers and shareholders who are disincentivized from criticizing the company.

As it does with its ADAS crash reporting, Tesla is hiding most details about the crashes. Unlike its competitors, which openly release narrative information about the incidents, Tesla is redacting all the narrative for all its crash reporting to NHTSA:

It makes it hard to get any context about the accident and assess the level of responsibility for the automated driving system.

Unlike competitors, such as Waymo, Tesla’s Robotaxi still uses a “safety monitor” who sits in the front seat with a finger on a kill switch ready to stop the vehicle. Despite this added level of safety, Tesla is evidently still experiencing crashes.

CEO Elon Musk has claimed that Tesla would remove the safety monitor by the end of the year and deliver on its “full self-driving” promises to customers, but he has never shared any data proving that Tesla’s automated driving system is reliable enough to achieve that.

NTHSA is also investigating Tesla for misreporting its crash data.

Electrek’s Take

The facts are that Tesla has never released any significant data to prove that its system is reliable. Never.

The only data Tesla has shared is the cumulative mileage driven by the fleet on Autopilot and Full Self-Driving, but that’s with a human driver at the wheel at all times.

Tesla never shared disengagement data despite publicly claiming multiple factors of improvement in miles between disengagements.

How can you trust a company that operates like that?

Furthermore, it redacts the most critical details of crashes involving its driver-assist and automated driving systems.

That’s not the type of opacity I want to see from a company deploying potentially dangerous, yet also potentially lifesaving, technology.

Unfortunately, I’ve lost hope of regulators doing anything about this any time soon. It will likely take more tragic accidents for them to act.

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