Block's third-quarter gross profit from its Bitcoin business was only $52 million, down 50% year over year; the company's overall gross profit was $3.24 billion, up 22% year over year, of which Cash App contributed $2.07 billion, up 27%. The business most closely tied to crypto is shrinking, while the rest of the business is growing.
According to Bloomberg, Block also disclosed that it had reached a deferred-prosecution agreement with the U.S. Department of Justice regarding an anti-money-laundering compliance investigation, with a total amount of about $964 million and net payments of about $764 million, well above the $526 million it had set aside at the end of June; in the quarter it also recorded about $230 million in investment losses from $BTC . The stock rose after hours.
Neither the Justice Department's fine nor the Bitcoin investment losses weighed on the stock; the market is buying Cash App's growth and the raised full-year guidance. In Block's valuation, the weight of the crypto business has probably already given way to features like bank accounts.
#Block #比特币 #anti-money laundering
According to Bloomberg, Block also disclosed that it had reached a deferred-prosecution agreement with the U.S. Department of Justice regarding an anti-money-laundering compliance investigation, with a total amount of about $964 million and net payments of about $764 million, well above the $526 million it had set aside at the end of June; in the quarter it also recorded about $230 million in investment losses from $BTC . The stock rose after hours.
Neither the Justice Department's fine nor the Bitcoin investment losses weighed on the stock; the market is buying Cash App's growth and the raised full-year guidance. In Block's valuation, the weight of the crypto business has probably already given way to features like bank accounts.
#Block #比特币 #anti-money laundering