Block didn’t incur any impairment loss on its Bitcoin holdings, and Bitcoin revenue contributed as much as 43% of its total revenue.-led Block, a Bitcoin-focused fintech company, published its third-quarter earnings report on Nov. 2, revealing a profitable quarter and surpassing analyst expectations.
The firm had $5.62 billion in revenue in the third quarter of 2023, boosted by solid revenue growth in Cash App and Square, with $44 million in profit on its Bitcoin (, Jack Dorsey shed light on the company’s focus and future plans, especially with Square, along with key financial metrics of the third quarter. Dorsey said the company has authorized the repurchase of $1 billion in shares to offset a portion of dilution from share-based compensation.
In the third quarter of 2023, Block generated a gross profit of $1.90 billion, up 21% year over year. On the other hand, Cash App, the mobile payment service, generated a gross profit of $984 million, up 27% yearly, and Square generated a gross profit of $899 million, up 15% year over year.Bitcoin revenue accounted for approximately 43% of the total $5.6 billion in revenue for Block.
Block stated it has not seen any impairment loss on its Bitcoin holding since the previous quarter. Block's investment in Bitcoin had a carrying value of $102 million as of September 30, 2023, but its fair value, determined by observable market prices, was $216 million, or $114 million more than its carrying value.
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