Block Reports Nearly $2 Billion in Q3 Bitcoin Revenue
Block posted $2 billion in Bitcoin revenue for Q3 2024, nearly one-third of total sales, but shares fell sharply despite meeting some analyst forecasts.
BTC
Fact Check
The assessment is based on overwhelmingly consistent evidence from highly authoritative sources. The primary source, Block's official Q3 Shareholder Letter, explicitly reports Bitcoin revenue as $1,966,394 (in thousands). This figure equates to $1,966,394,000, or approximately $1.97 billion. This amount is accurately described as "nearly $2 billion."This primary data is directly and consistently corroborated by multiple independent, high-authority secondary sources. A detailed news report from Yahoo Finance and a specific earnings analysis from GuruFocus both explicitly state the Bitcoin revenue was $1.97 billion. Other financial platforms like Robinhood and the Yahoo Finance stock page also feature news briefs and headlines confirming the figure was "nearly $2 billion." There is no conflicting evidence presented across any of the sources. The statement is a direct and factual summary of the company's officially reported financial results for the quarter in question.
Summary
Block reported $2 billion in Bitcoin revenue during the third quarter of 2024, accounting for roughly one-third of its total revenue of $6.11 billion. The company’s gross profit rose 18% year-over-year to $461.5 million. However, its shares fell 3.7% during regular trading and plunged 9.6% after hours, despite meeting some analyst expectations.
Terms & Concepts
- Bitcoin Revenue: Income generated from sales or transactions involving Bitcoin, often through payment processing or trading businesses.
- Quarterly Revenue: Total income earned by a company during a specific three-month period.
- Block: A financial technology firm founded by Jack Dorsey, formerly known as Square, offering payment solutions and bitcoin trading.