Block posted $1.57b in gross profit, up 38% from $1.13b a year ago. That beat Wall Street expectations of $1.53b. Block also said in a letter to shareholders that its company showed strong growth, even as other payment companies have warned about upcoming slowdowns due to macroeconomic effects.
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Shares of Block jump on earnings beat
Block said it registered a bitcoin impairment loss of $2 million during the quarter related to Bitcoin it bought in late 2020 and early 2021. Block still holds $156 million worth of bitcoin, based on its price at the end of September.
