Bitcoin revenue accounted for as high as 43% of Block’s overall income, and the company didn’t experience any impairment losses on its assets.
The fintech startup Block, run by Jack Dorsey, focuses on Bitcoin and released its third-quarter results report on November 2. The report showed a lucrative quarter that above analyst forecasts.
The company’s third quarter 2023 sales of $5.62 billion was driven by strong revenue growth in both Cash App and Square, with $44 million in profit on its Bitcoin.
BTC $34,205 in holdings as a result of a recent price spike.
In addition to sharing the company’s important third-quarter financial figures, Dorsey sent a letter to shareholders outlining the company’s focus and future ambitions, particularly with regard to Square.
Q3: Block Records $5.62B in Revenue and $44M in Bitcoin Profits,Q3: Block Records $5.62B in Revenue and $44M in Bitcoin Profits
According to Dorsey, the business has approved the repurchase of $1 billion in shares in order to partially offset the dilution resulting from share-based pay.
Block made a $1.90 billion gross profit in the third quarter of 2023, a 21% increase from the same period the previous year. However, the mobile payment app Cash App made a $984 million profit, up 27% over the previous year, while Square made a $899 million profit, up 15%.
Roughly 43% of Block’s $5.6 billion in income came from sales of bitcoin. The robust consumer demand and healthy expenditure trends also contributed to the rise of fintech companies in the third quarter.
Block made $45 million in gross profit from Bitcoin, a 22% increase from the previous year. The company sold $2.42 billion worth of Bitcoin to clients through the Cash App. 2% of the company’s Bitcoin revenue was its gross profit.
According to the company, an increase in the average market price of Bitcoin and the volume of Bitcoin sold to consumers were the main drivers of the growth in BTC income.
Block said that since the preceding quarter, it had not experienced an impairment loss on its Bitcoin holdings.
By using actual market pricing, Block’s investment in Bitcoin was worth $216 million, or $114 million higher, than its carrying value of $102 million as of September 30, 2023.
Q3: Block Records $5.62B in Revenue and $44M in Bitcoin Profits,Q3: Block Records $5.62B in Revenue and $44M in Bitcoin Profits,Q3: Block Records $5.62B in Revenue and $44M in Bitcoin Profits , Bitcoin Crypto news, Bitcoin News