Bitcoin

Read

Daily

<div class="cryptonews">
 <p class="is-style-lead">Block, Inc. reported a significant 37% increase in Bitcoin <a rel="noopener noreferrer nofollow" title="revenue" href="https://thebittimes.com/tag/revenue.html">revenue</a> in Q3 2023, reaching $2.42 billion, with an overall net <a rel="noopener noreferrer nofollow" title="revenue" href="https://thebittimes.com/tag/revenue.html">revenue</a> boost of 24% to $5.62 billion year-over-year.</p>
 <p>Block, Inc., spearheaded by Jack Dorsey, has made headlines with a notable 37% surge in Bitcoin (BTC) <a rel="noopener noreferrer nofollow" title="revenue" href="https://thebittimes.com/tag/revenue.html">revenue</a> in Q3 of 2023, amassing $2.42 billion as opposed to the $1.77 billion reported in the same quarter of last year. This leap in <a rel="noopener noreferrer nofollow" title="revenue" href="https://thebittimes.com/tag/revenue.html">revenue</a> is paralleled by a 22% increase in Bitcoin gross profit, escalating from $37 million in Q2 2022 to $45 million in Q3 2023.</p>
 <p>The uptick in <a rel="noopener noreferrer nofollow" title="revenue" href="https://thebittimes.com/tag/revenue.html">revenue</a> stems from two key factors: a higher average market price of Bitcoin and a spike in the volume sold through Block’s Cash App. Such growth indicates a robust customer demand within Block’s ecosystem. Additionally, Block has witnessed an appreciation in its corporate treasury’s Bitcoin holdings.</p>
 <p>Despite cumulative impairment charges, the carrying value of its Bitcoin investment reached $102 million, whereas the fair value, reflective of current market prices, soared to $216 million—signifying a $114 million surplus over the carrying value.</p>
 <div class="cn-block-related-link">
  <svg class="cn-block-related-link__icon icon" aria-hidden="true"><use xlink:href="#"></use>
  </svg> <span class="cn-block-related-link__prefix"> You might also like: </span> Block’s Cash App Q1 report reveals $2b in BTC revenue
 </div>
 <p>This disparity arises from accounting conventions which mandate impairment-based valuation—accounting for decreases in asset price but not for increases. The recent endorsement of new accounting rules by the Financial Accounting Standards Board, which advocate for reporting crypto at fair market value, will likely bring more transparency to such valuations.</p>
 <figure class="wp-block-image size-large"><picture decoding="async" class="wp-image-14211970">
   <source type="image/webp" srcset="https://cdn.thebittimes.com/images/2023/11/03/cdd583c284f21e21e8c3321f3dc63c30.webp.webp">
   <img decoding="async" width="1024" height="604" src="https://cdn.thebittimes.com/images/2023/11/03/cdd583c284f21e21e8c3321f3dc63c30.webp" alt="Jack Dorsey’s Block stock jumps as Cash App’s Bitcoin revenue hits $2.42b - 1"> 
  </picture>
  <figcaption class="wp-element-caption">
   Daily Block stock chart from TradingView
  </figcaption>
 </figure>
 <p>Block’s Bitcoin engagement is just one facet of its financial narrative. Post-trading hours saw Block’s share price soar by 18%, a bullish investor response that could be attributed not just to its Bitcoin dealings but also to the company’s overall fiscal health.</p>
 <p>Excluding Bitcoin transactions, Cash App’s <a rel="noopener noreferrer nofollow" title="revenue" href="https://thebittimes.com/tag/revenue.html">revenue</a> alone jumped 26% year-over-year to $1.16 billion, and its gross profit escalated to $939 million. Additionally, Block’s monthly active users and user inflows have increased, signifying broader platform growth.</p>
 <p>Block’s Buy Now, Pay Later (BNPL) service has also contributed positively, adding significantly to both <a rel="noopener noreferrer nofollow" title="revenue" href="https://thebittimes.com/tag/revenue.html">revenue</a> and gross profit. Across the board, Block’s total net <a rel="noopener noreferrer nofollow" title="revenue" href="https://thebittimes.com/tag/revenue.html">revenue</a> hit $5.62 billion in Q3, up by 24% year-over-year, with Bitcoin <a rel="noopener noreferrer nofollow" title="revenue" href="https://thebittimes.com/tag/revenue.html">revenue</a> constituting a substantial 43% of the total.</p>
 <div class="cn-block-related-link">
  <svg class="cn-block-related-link__icon icon" aria-hidden="true"><use xlink:href="#"></use>
  </svg> <span class="cn-block-related-link__prefix"> Read more: </span> Jack Dorsey backs bitcoin development with $5m investment
 </div> <span class="google-news-banner__label">Follow Us on Google News</span>
</div>
<p>Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/jack-dorsey-s-block-stock-jumps-as-cash-app-s-bitcoin-revenue-hits-2-42b-tbt68969.html">https://thebittimes.com/jack-dorsey-s-block-stock-jumps-as-cash-app-s-bitcoin-revenue-hits-2-42b-tbt68969.html</a></p>

Jack Dorsey’s Block stock jumps as Cash App’s Bitcoin revenue hits $2.42b

TheBitTimes

Other articles published on Nov 3, 2023

Cathie Wood: “Bitcoin is the only asset to store for the next 10 years”

Coinbase Narrows Q3 Loss, Reports Revenue Growth Despite Volume Dip

Enterprise Tech Leaders Contemplate Generative AI Adoption

Ethereum Sees Surge in Exchange Deposits, Bullish Market Sentiment Builds

Chainlink (LINK) Breaks Out of Range: What’s Next?

SBF Found Guilty on 7 Charges: 115 Years Prison in FTX Case?

Join our free newsletter for daily crypto updates!