Jack Dorsey's Block Rakes In $44M Bitcoin Profit In Q3, Stock Soars As Crypto Play Pays Off
Portfolio Pulse from Mehab Qureshi
Block Inc (NASDAQ:SQ) reported a 37.5% growth in Bitcoin revenue to $2.42 billion in Q3, surpassing analyst expectations. The company's gross profit from Bitcoin rose to $44 million, up from $36 million the previous year. The value of Bitcoin holdings in its corporate treasury was $216 million, exceeding their book value by $114 million. Block's total revenue grew 24% YoY to $5.62 billion, with Bitcoin revenue accounting for 43% of the total. The company's share price surged in after-hours trading.
November 03, 2023 | 4:54 am
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POSITIVE IMPACT
Block Inc's Q3 earnings report showed significant growth in Bitcoin revenue, indicating strong performance of the cryptocurrency.
Block Inc's Q3 earnings report showed a 37.5% growth in Bitcoin revenue, indicating strong performance of the cryptocurrency. This could potentially have a positive impact on the price of Bitcoin in the short term.
CONFIDENCE 90
IMPORTANCE 70
RELEVANCE 80
POSITIVE IMPACT
Block Inc's Q3 earnings beat analyst expectations, with significant growth in Bitcoin revenue. The company's share price surged in after-hours trading.
Block Inc's Q3 earnings report showed significant growth in Bitcoin revenue, which accounted for 43% of the company's total revenue. This positive earnings report, which beat analyst expectations, is likely to have a positive impact on the company's share price in the short term.
CONFIDENCE 95
IMPORTANCE 90
RELEVANCE 100