Block Q3 Revenue Jumps on Cash App and Bitcoin Growth, Authorizes $1B Share Buyback
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Block had $5.62B in total revenue in Q3 2023, boosted by growth in Cash App and Square.
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Bitcoin revenue contributed 43% ($2.42B) of Block's total revenue.
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Block had $44M in profit on its Bitcoin holdings thanks to recent price surge.
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Block authorized $1B in share repurchases to offset dilution from compensation.
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Cash App gross profit was $984M, up 27% YoY; Square gross profit was $899M, up 15%.