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.
© 2022 The Block Crypto, Inc. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.