Block raised full-year guidance after stronger-than-expected first-quarter results, even as Bitcoin revenue fell 26% and a $173 million Bitcoin revaluation loss contributed to a $309 million net loss.
Block reported first-quarter results that beat estimates and prompted an 8% rise in its shares, while also raising full-year guidance. The quarter included a 26% decline in Bitcoin revenue and a $173 million Bitcoin revaluation loss that contributed to a $309 million net loss attributable to common stockholders. Block said it held 28,355 Bitcoin valued at about $2.2 billion at quarter end. Despite the accounting-related hit and weaker Bitcoin-related sales, total gross profit increased 27% year over year to $2.91 billion, including a 38% rise in Cash App gross profit to $1.91 billion.