$Block (SQ.US)$ rose more than 7% Thursday in after-hours trading after the fintech beat analyst estimates for Q1 sales and earnings.

SQ gained 7.4% to $75.50 shortly before 5:30 p.m. ET after reporting quarterly sales of $5.957 billion, which beat analysts' $5.821 billion consensus estimate. Sales also rose 19.4% from the $4.99 billion that Block recorded in the same quarter last year.

All in, adjusted earnings for the latest quarter came in at 85 cents per share, beating the 72 cents per share that analysts' consensus forecast called for.

Among business segments, Cash App generated a quarterly gross profit of $1.26 billion, up 25% year over year. Meanwhile, Square generated a gross profit of $820 million, up 19% year over year.

In total, Q1 gross payment volume was $54.43 billion.

Meanwhile, Block announced a strategic investment in $Bitcoin (BTC.CC)$ following numerous positive developments both within the company and in the broader market.

In April, Block implemented a Bitcoin dollar-cost-average purchase program that will run through 2024. Under the program, Block will invest 10% of its gross profit from Bitcoin products in Bitcoin purchases.

"We believe in investing in the overall asset of the [Bitcoin] ecosystem and holding Bitcoin in our treasury," CEO Jack Dorsey said. "We were one of the first public companies to put Bitcoin on our balance sheet. We invested $220 million into Bitcoin, and that investment has grown by approximately 160% to $573 million as of the end of the first quarter."

Outlook: Block sees Q2 gross profit from $2.165 billion to $2.185 billion.