Block Reported A Decrease Of 3% In Bitcoin Revenue For The Third Quarter

According to the Q3 2022 – Quarterly Results financial report, Block Inc. recorded $1.76 billion in Bitcoin (BTC) revenue in its Cash App segment during the third quarter, a 3% decrease on year and a decrease from the $1.79 billion recorded in the second quarter.

Furthermore, Cash App made $37 million in bitcoin gross profit in the third quarter, a 12% decrease from the previous year.

Block stated in its quarterly results statement on Thursday that the dip in Bitcoin revenue and gross profit was mostly due to declines in customer demand and the price of Bitcoin.

During the third quarter, the company, whose chairman and co-founder is Jack Dorsey, reported a $2 million impairment charge on its bitcoin investment. According to the report, the fair value of Block‘s Bitcoin investment as of September 30 was $156 million based on “observable market pricing,” which was $45 million higher than the carrying amount of the investment after impairment charges.

The company’s overall gross profit for the quarter was $1.57 billion, up from $1.47 billion in the previous quarter. Total net sales were $4.52 billion, a 17% increase year on year. Total net revenue, excluding Bitcoin income, was $2.75 billion, a 36% increase over the previous year.

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