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Fintech firm Block’s Bitcoin revenue surges nearly 40% year-on-year

On November 3rd, Jack Dorsey's financial technology company Block (formerly Square) announced third-quarter financial results that exceeded analyst expectations, with significant growth in bitcoin revenue leading to a sharp increase in stock price in after-hours trading. The company's latest financial data shows that compared to the same period last year, its bitcoin business revenue grew by 37.5%, from $1.76 billion to $2.42 billion. The gross profit the company received from its bitcoin business also increased, from $36 million last year to $44 million.

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