Block Inc. reported a $14.7 million net loss in the third quarter and bitcoin sales volume of $1.76 billion in the third quarter.
The net loss accounts for a $2 million impairment loss related to bitcoin and a $56 million amortization charge. Excluding those charges, Block’s net income totaled $43 million.
Block’s bitcoin gross profit totaled nearly $37 million in the third quarter, compared with $41 million in the second quarter.
The company reported total net revenue of $4.52 billion in the third quarter, up 17% year-over-year. Excluding bitcoin revenue, net revenues were $2.75 billion.
Shares rose 13% after the market close.
Gross profit was up 38% year-over-year to $1.57 billion. Third-quarter gross profit for Square was up 29% to $783 million, and gross profit was $774 million for the Cash App, up 51% year-over-year.
Block’s executives will further discuss the company’s third-quarter results during a webcast today at 5 p.m. EST.
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Source: https://www.theblock.co/post/182791/block-reports-14-7-million-net-loss-in-q3-1-76-billion-in-bitcoin-sales?utm_source=rss&utm_medium=rss