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Block Q1 performs "strongly" and raises the full-year earnings forecast, but records a $173 million Bitcoin revaluation loss.
BlockBeats News, May 8 — Jack Dorsey’s Block reported a $173 million impairment loss in the first quarter due to Bitcoin price fluctuations, resulting in a net loss attributable to common shareholders of $309 million. Block holds 28,355 Bitcoins, valued at approximately $2.2 billion. Despite this non-cash loss, Block’s total gross profit for the quarter increased by 27% year-over-year to $2.91 billion. Cash App’s gross profit grew by 38% to $1.91 billion, but Bitcoin-related revenue declined by 31% year-over-year.
Square’s Bitcoin business remained largely unchanged, with related revenue of about $28 million offset by roughly equivalent costs, making the impact on gross profit negligible. Adjusted operating profit increased by 56% to $728 million, and adjusted earnings per share grew by 52% to $0.85. Block raised its full-year outlook, expecting gross profit to grow by 19% year-over-year in 2026, with adjusted diluted earnings per share increasing by 62%.