Block’s Q3 Earnings Show $2.42 Billion Bitcoin Revenue, Marking 37 Percent Annual Growth
Block Inc. (SQ, formerly Square) reported an increase in Q3 earnings of 55 cents per share, beating the Zacks consensus estimate of 44 cents, with total net revenue climbing to $5.62 billion, marking a 24% YoY growth.
Block Inc. (SQ, formerly Square) reported an increase in Q3 earnings of 55 cents per share, beating the Zacks consensus estimate of 44 cents, with total net revenue climbing to $5.62 billion, marking a 24% YoY growth. The figure improved 31% YoY. Net revenues of $5.62 billion surpassed the consensus estimate by 3.89%. The company’s shareholder letter discloses that bitcoin revenue rose to $2.42 billion, underscoring the crypto asset’s swelling impact on the company’s profits.
Block Targets ‘Rule of 40’ by 2026 After Reporting Q3 Earnings and Cash App User Expansion Jack Dorsey’s Block, Inc. published a shareholders’ letter disclosing the firm’s Q3 earnings. The letter reveals that the Block has advanced its investment blueprint, noting an uptick in third-quarter profitability. The Block has revised its full-year 2023 forecasts upward for both Adjusted Operating Income and Adjusted EBITDA.
The Block has also shared that Cash App Pay transactions have risen in recent months. By September, the service recorded over two million monthly active users, a figure that has doubled since June. The report reveals a substantial rise in bitcoin revenue for Q3, climbing to $2.42 billion, a 37% increase from the previous year.
Likewise, Bitcoin’s gross profit ascended to $45 million, marking a 22% YoY gain. The company is initiating a first-time authorization to buy back $1 billion of its shares, countering some dilutive effects of share-based compensation.
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