Block Q1 performs "strongly" and raises the full-year performance forecast, but records a $173 million Bitcoin revaluation loss.

Crypto News: According to The Block, Jack Dorsey’s fintech company Block recorded 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 first 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 business declined by 31% year-over-year. Square’s Bitcoin business remained largely unchanged, with 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 full-year gross profit to grow by 19% year-over-year in 2026, with adjusted diluted earnings per share increasing by 62%.