Block Stock Jumps as Cash App Booms While Bitcoin Profit Halves

TLDR Block’s Bitcoin ecosystem gross profit fell 50% to $52 million after it cut fees on some Cash App Bitcoin trades. Total gross profit rose 22% to $3.24 billion, and net income climbed to $566 million. Cash App gross profit grew 27% to $2.07 billion, with 60 million monthly transacting users. Block raised its full-year gross profit forecast to $12.63 billion. Shares closed at $76 on Tuesday, then rose more than 6% in after-hours trading. Block Inc. earned half as much gross profit from Bitcoin in the third quarter as it did a year ago.