Block's Bitcoin Revenue Skyrockets, Surpassing Expectations and Driving Profits
Fintech firm Block, formerly known as Square, experienced a surge in its stock price after reporting better-than-expected Q3 earnings. The company's net revenue reached $5.62 billion, with a significant portion driven by a 37.5% YoY growth in Bitcoin revenue through its mobile payment service, Cash App. Cash App generated $2.42 billion in Bitcoin revenue, accounting for more than half of Block's total net revenue. The company also revised its full-year guidance, raising its adjusted EBITDA and operating income projections. Block aims to focus on artificial intelligence to drive future growth and empower users with economic freedom.