(Bloomberg) -- 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 company’s 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.

Cash App, Block’s consumer app for sending money to friends or buying stocks and cryptocurrencies, also reported gross profit up 51%. The company said it had its highest quarterly cash in-flow ever, meaning more people are depositing money into their Cash App accounts.

The app now has 49 million monthly active users, up from 47 million last quarter.

Block, which is run by Twitter co-founder Jack Dorsey, traded as high as $63.61 after closing at $53.91. The shares have slipped 67% so far this year.

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