Block Raises Full-Year Guidance Despite $173 Million Bitcoin Loss

Key Facts

1Block raised its full-year guidance following a strong Q1 despite recording a $173 million remeasurement loss on its bitcoin holdings.

2Cash App's bitcoin business saw a 31% year-over-year decline.

Block Inc., led by Jack Dorsey, has raised its full-year financial outlook following a strong first quarter where it reported adjusted earnings of $0.85 per share, beating analyst estimates of $0.68. Despite a slight revenue miss, SQ shares rose approximately 6.5% as investors focused on robust payment volumes and lending growth. The company now projects full-year adjusted EPS of $3.85, helping offset a $173 million official loss on Bitcoin remeasurement. While Bitcoin revenue declined 26% due to lower transaction fees, Block confirmed its Bitcoin reserves have grown to exceed 9,000 BTC. Analysts remain focused on how the company will balance its aggressive digital asset accumulation strategy with the continued expansion of its core Square and Cash App ecosystems.

4 months ago

Version History

1 additional source confirmed this story

Version 74 months ago

What changed: Updated the story to include specific Q1 adjusted EPS figures ($0.85 vs $0.68 expected) and noted the stock price reaction despite a slight revenue miss.

Version 64 months ago

What changed: Updated data confirming Block's Bitcoin holdings surpassed 9,000 BTC and adjusting the stock price surge to 10% from the previously reported 8%.

Version 54 months ago

What changed: Added the 27% year-over-year profit growth figure and updated the total Bitcoin-related losses to $309 million based on new reports.

Version 44 months ago

What changed: Added the specific stock price reaction (8% increase) and the 26% decline in Bitcoin revenue along with the underlying causes related to fees and trading dynamics.

Version 34 months ago

What changed: Added specific details regarding the 31% decline in Cash App's bitcoin gross profit and the negligible impact of crypto on the Square segment.

Version 24 months ago

What changed: Updated the story to include earnings exceeding analyst expectations and the positive market reaction with shares climbing in post-market trading.

Version 14 months ago

What changed: Added specific financial targets, including the $3.85 EPS forecast and the 62% growth figure, while identifying lending as a key growth driver.