Jack Dorsey's company Block had a strong showing in its third-quarter 2023 earnings report, which beat analysts' expectations.
Here are some key highlights: 👇
1. Third-quarter revenue: Block's Cash App and Square divisions posted strong revenue of $5.62 billion.
2. Gross profit growth: Block achieved gross profits of US$1.9 billion in the third quarter of 2023, a year-on-year increase of 21%. Mobile payment service Cash App contributed important gross profit, growing 27% year-on-year.
3. Bitcoin revenue: Bitcoin revenue accounted for approximately 43% of this quarter’s financial report, achieving a Bitcoin gross profit of $45 million. Part of this growth was driven by strong consumer demand and aggressive spending.
4. Bitcoin Positions: Block did not report any impairment losses on its Bitcoin positions compared to the previous quarter. The fair value of the company's Bitcoin investment is $114 million higher, indicating that the rise in Bitcoin prices has had a positive impact on its financial position.
🔸 Overall, Block had a strong third quarter, showing the company’s strong growth in the Bitcoin and fintech space. These results likely benefited from rising Bitcoin market prices and strong consumer demand. Jack Dorsey also mentioned the company's stock repurchase plan to offset the dilution effect, showing Block's positive outlook for the future.
