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Jack Dorsey’s Block Inc. saw its stock price plummet nearly 12% in after-hours trading Thursday as third-quarter earnings fell short of Wall Street’s expectations, leaving investors rattled.
Fintech darling’s Q3 report card: a mixed bag. While revenues crept up to $6.11 billion, a 2.3% year-over-year rise, they couldn’t quite reach the anticipated $6.33 billion mark. The bottom line? Earnings per share landed at 54 cents, a noticeable 14% shy of the projected 63 cents, leaving investors wanting more.
Block Inc. (XYZ) took a brutal beating after the bell. What started as a 3.7% dip during regular trading hours snowballed into an 11.53% plunge in after-hours, leaving shares gasping for air at $70.93. Investors are running scared.
Block’s share price fell after the bell, continuing its slide during Thursday’s trading session. Source: Google Finance
It adds to Block’s stock price slide, which has seen shares fall 18.24% so far over 2025.
Despite the sharp reaction in the markets, certain metrics from Block’s Q3 results showed strong growth for the company.
Boom! With an 18% surge in gross profit to $2.66 billion, the company isn’t just growing, it’s exploding. Buckle up, because they’re forecasting a 2025 profit of $10.24 billion – a blistering 15% year-over-year leap.
Cash App is Block’s undisputed profit king, surging 24% year-over-year to a staggering $1.62 billion. While Square, the merchant payments arm, held its ground with a solid $1.018 billion (up 9%), Cash App’s explosive growth is fueling Block’s overall financial engine.
Related: Bitcoin ‘$68K too low’ versus gold says JPMorgan as BTC, stocks dip again
In terms of overall profit after accounting for operating expenses, Block’s operating income totaled $409 million, up 26% YOY.
Block’s Bitcoin mining ventures
Block’s Bitcoin bet is paying off: CFO Amrita Ahuja revealed on an investor call that Proto, their mining division, is now yielding results.
“Proto’s first revenue marks the dawn of a potential empire,” declared Ahuja. “We’ve successfully monetized our hardware and software innovations, selling ASICs, mining hashboards, and complete mining rigs – the very building blocks of Bitcoin mining power.”
Proto, igniting its engines in November 2024, remained cloaked in secrecy until August, when whispers of its inaugural mining rig placements finally surfaced. While Q3 revenue registered as “modest” according to Ahuja, a tangible hunger fuels Proto, aggressively chasing a powerhouse pipeline poised to detonate in 2026.
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