Cash App Propels Block: Record Revenue Surge in Latest Quarter
Block, previously recognized as Square, unveiled robust financial growth in its recent quarterly report.
The company reported a 24% increase in total net revenue to $5.62 billion for the period spanning July to September.
Excluding revenue generated from bitcoin transactions facilitated through Block’s Cash App, the revenue totaled $3.19 billion, a 16% surge from the prior year. The net income loss of $29 million, or 5 cents per share, marked a slight uptick from the previous year’s loss of $15 million, or 2 cents per share.
Primarily serving small businesses and consumers confronting economic challenges, Block has expanded its financial services for consumers, contributing to its positive performance in the latest quarter. CEO Jack Dorsey emphasized the company’s commitment to long-term value creation over short-term financial gains.
The company’s gross payment volume, representing the total transaction value via Block’s services, surged by 10% year over year to $60.8 billion, driven by the growing popularity of the Cash App, which recorded $4.38 billion in gross payment volume during the quarter, a 1% increase from the previous year.
READ MORE: Swiss Bank SGKB and SEBA Join Forces for Crypto Expansion
Additionally, the Square ecosystem, providing financial services and point-of-sale tools for small businesses, witnessed an 11% year-over-year increase in gross payment volume, totaling $55.69 billion.
In the third quarter, subscription and service-based revenue spiked by 28% to $1.23 billion, primarily due to growth in the Cash App. Transaction-based revenue also grew by 9% to $1.66 billion, propelled by Square’s expanding services.
Bitcoin revenue, the total sale amount of bitcoin sold to customers, soared by 37% to $2.42 billion, with Cash App generating $45 million in Bitcoin gross profit.
Alexander Stefanov
Reporter at CoinsPress
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.
