Block reported a rise in second-quarter income and raised its expectations for annual gross profit on Thursday, as the payments firm was helped by resilient consumer spending, lifting its shares 12% higher in extended trading.

ASX-listed shares of Block surged in early trade after the Afterpay owner raised its full-year gross profit forecast this morning. Block shares were up 7.2% to $124.78 at 10:55am AEST, extending gains of more than 40% over the last 12 months.

Shares of Block Inc (NYSE:XYZ) jumped 8% in premarket trading on Friday following the company’s second-quarter report that showcased impressive gross profit growth, even as adjusted earnings per share fell short of forecasts.