According to Cointelegraph, Block Inc's stock price dropped by 12.3% after the close on November 7, as its third-quarter Bitcoin revenue remained flat year-on-year and total revenue did not meet Wall Street expectations.
Block's third-quarter revenue grew by 6.4% year-on-year to $5.98 billion, but fell short of analyst expectations of $6.17 billion. Bitcoin revenue remained at $2.43 billion.
The company stated it will reduce investments in decentralized finance software business TBD and music streaming service TIDAL to redirect funds towards crypto services.
Block's quarterly gross profit increased by 19% year-on-year to $2.25 billion, with a net income of $283.7 million, in line with analyst expectations.
