Block Raises Outlook as Cash App Grows, but Bitcoin Gross Profit Halves

Block reported Q3 gross profit of $3.24 billion, up 22%, and raised its outlook, while bitcoin gross profit halved to $52 million after a Cash App fee cut. Block, the payments company run by Jack Dorsey, reported third-quarter gross profit of $3.24 billion, up 22% from a year earlier, and raised its full-year outlook, but the gross profit it earns from Bitcoin fell by half. The company said the drop followed a strategic decision to reduce the fee it charges on certain bitcoin transactions on Cash App.