Block reports $14.7 million net loss in Q3, $1.76 billion in bitcoin sales

Quick Take

  • Block Inc. recorded a net loss of $14.7 million in the third quarter.
  • Bitcoin sales totaled $1.76 billion for the third quarter.

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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