Block stock rockets on earnings beat
Here's how Block did versus Refinitiv consensus expectations:: $4.52 billion versus expectations of $4.49 billion
Block posted $1.57 billion in gross profit, up 38% from $1.13 billion a year ago. That beat Wall Street expectations of $1.53 billion. Block, formerly known as Square, said in a letter to shareholders that its company showed strong growth, even asIts Cash App business reported $774 million in gross profit, a 51% year-over-year rise, according to Block. The company said that there were over 18 million people actively using its Cash debit card in September, up 40% year-over-year.
Block said it registered a bitcoin impairment loss of $2 million during the quarter related to Bitcoin it bought in late 2020 and early 2021. Block still holds $156 million worth of bitcoin, based on its price at the end of September.
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