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Jack Dorsey's Block Sees Drop in Bitcoin Revenue as Consumer Demand, Crypto Prices Slump
Block cited declines in consumer demand and the price of bitcoin for its bitcoin-based revenue decline.
Updated May 9, 2023, 4:01 a.m. Published Nov 3, 2022, 8:38 p.m.
Fintech firm Block (SQ) reported $1.76 billion in bitcoin revenue in its Cash App unit during the third quarter, down 3% year-over-year and lower than the $1.79 billion reported in the second quarter.
Additionally, Cash App generated $37 million of bitcoin gross profit in the third quarter, down 12% from a year earlier.
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The drop in bitcoin revenue and gross profit was driven primarily by declines in consumer demand and the price of bitcoin, Block said in its quarterly earnings statement Thursday.
Block, whose chairman and co-founder is Jack Dorsey, recorded an impairment charge of $2 million on its bitcoin investment during the third quarter. As of Sept. 30, the fair value of Block's bitcoin investment was $156 million based on “observable market prices,” which was $45 million greater than the carrying value of the investment after impairment charges, the company noted.
Shares of Block jumped 14% in post-market trading Thursday.
Block posted $1.57 billion in overall gross profit for the quarter, up from $1.47 billion in the second quarter. Total net revenue was $4.52 billion, up 17% year over year. Excluding bitcoin revenue, total net revenue was $2.75 billion, up 36% versus the prior year.
Read more:Jack Dorsey’s Block Draws Analyst Downgrade on Bitcoin Sentiment
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