Block's Q3 bitcoin gross profit jumps 22% year-over-year to reach $45 million

Jack Dorsey’s Block, Inc. reported a 37% rise in bitcoin revenue for Q3 late yesterday, bringing in $2.42 billion compared to $1.77 billion during the same period in 2022. The financial services firm's Q3 bitcoin gross profit followed suit, marking a 22% increase from the previous year’s $37 million to reach $45 million.

The reported growth is attributed to a rise in the average market price of bitcoin and an uptick in the volume of bitcoin sold to customers via its Cash App mobile payment service, according to the company’s shareholder letter. The discrepancy is due to current accounting rules measured at impairment — adjusting for when the price went down but not up — whereas fair market value describes an asset's most recent valuation.

Block’s share price jumped 18% in after-hours trading, rising from $43.98 to $51.78, according to the latest pre-market data from TradingView.While Block’s bitcoin revenue was a highlight, the firm's overall financials also posted strong results in Q3. Excluding bitcoin, Cash App revenue saw a 26% year-over-year increase, reaching $1.16 billion, with gross profit rising to $939 million.

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