Block Inc. reported a $14.7 million net loss in the third quarter and bitcoin sales volume of $1.76 billion in the third quarter. The net loss accounts for a $2 million impairment loss related to bitcoin and a $56 million amortization charge. Excluding those charges, Block’s net income totaled $43 million.
Block’s bitcoin gross profit totaled nearly $37 million in the third quarter, compared with $41 million in the second quarter. The company reported total net revenue of $4.52 billion in the third quarter, up 17% year-over-year. Excluding bitcoin revenue, net revenues were $2.75 billion. Gross profit was up 38% year-over-year to $1.57 billion. Third-quarter gross profit for Square was up 29% to $783 million, and gross profit was $774 million for the Cash App, up 51% year-over-year.https://www.theblock.co/post/182791/block-reports-14-7-million-net-loss-in-q3-1-76-billion-in-bitcoin-sales