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Block's Q3 Earnings Report: Bitcoin Business Contributes Nearly $2 Billion in Revenue
[Crypto World] Jack Dorsey’s company Block just announced its Q3 earnings — total revenue hit $6.11 billion, with a net profit of $461.5 million.
The most interesting part is that their Bitcoin-related business brought in $1.97 billion this quarter, accounting for nearly one-third of the total revenue. It’s now the company’s second biggest revenue stream.
Old Jack, who left Twitter to go all-in on Bitcoin payments, seems to have made a pretty solid move. Through Cash App, Block has lowered the barrier for ordinary people to buy and sell Bitcoin to an all-time low. This segment alone can support such a large scale, showing that crypto payments are genuinely in demand in the U.S.