Block’s profit jumps on robust consumer spending, tax benefit

(Reuters) -Payments firm Block reported a jump in its fourth-quarter profit on Thursday, buoyed by robust consumer spending during the holiday season and certain one-time benefits.

Net income attributable to its common stockholders was $1.95 billion, or $3.05 per share, for the three months ended December 31, compared with $102.2 million, or 16 cents per share, a year earlier.

A robust labor market and steady wage growth kept spending resilient, with the holiday season providing a boost as consumers splurged on travel and retail.

The company also reported $1.9 billion of one-time benefits related to the recognition of certain deferred tax assets.

(Reporting by Niket Nishant in Bengaluru; Editing by Shilpi Majumdar)