Jack Dorsey’s Block sees nearly $2 billion in bitcoin revenue in Q3, nearly 1/3 of its total revenues

Block, Inc., led by Jack Dorsey, reported third-quarter earnings of $461.5 million on total revenue of $6.11 billion. Bitcoin revenue accounted for approximately $1.97 billion of the total, making it the second-largest revenue source, though this figure was down from $2.4 billion year-over-year. Gross profit grew 18% year-over-year, driven by 24% growth in Cash App and 9% growth in Square. Despite meeting or exceeding some expectations, the company missed on adjusted operating income ($409 million vs. $473 million consensus) and EBITDA ($833 million vs. $840 million consensus), causing shares to decline after hours. Block's BTC holdings increased to 8,780 BTC by the end of September, and the company recently rolled out new bitcoin payment tools for merchants.

(Source：The Block)