Block lifts profit outlook to $12.63 billion, Bitcoin gross profit drops 50% on Cash App fee cuts

Block Inc., the financial technology company led by CEO Jack Dorsey, reported a sharp decline in its Bitcoin ecosystem gross profit for the third quarter, primarily due to lowered fees on select Cash App Bitcoin transactions. Despite this setback, Block posted robust overall results, significantly raising its profit forecast for the full year and seeing strong growth in its Cash App and Square divisions. Block stated that gross profit from its Bitcoin ecosystem fell by 50% year-over-year to $52 million. The company attributed this decline to its recent strategic decision to cut fees on certain Bitcoin trades within Cash App, a mobile payments platform widely used for peer-to-peer transfers as well as crypto trading.

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