Block's Bitcoin Trading Lifts Revenue 24% in Q3, Leading to Upward Guidance Revision and Share Price Jump
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Block's (formerly Square) revenue rose 24% year-over-year to $5.62 billion in Q3, driven by Bitcoin trading revenue from Cash App.
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Cash App's Bitcoin revenue hit $2.42 billion, up 37.5% from last year, accounting for over half of Block's total revenue.
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Block reported better-than-expected earnings, leading to a 20% jump in its share price after hours.
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Block revised its full-year guidance upwards, now expecting adjusted EBITDA of $1.66-$1.68 billion.
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Block aims to focus more on AI to further grow seller businesses and empower people with economic freedom, per CEO Jack Dorsey.