Shares of Jack Dorsey’s Block Inc. tumbled nearly 12% in after-hours trading on Thursday after the company reported third-quarter earnings that fell short of analyst expectations.
The crypto-focused fintech firm posted Q3 earnings per share of 54 cents, missing the consensus estimate of 63 cents by 14%. Revenue for the quarter came in at $6.11 billion — up 2.3% year over year but below the expected $6.33 billion.
Block’s stock (XYZ) slid 11.53% in after-hours trading to $70.93, following a 3.7% drop during regular trading hours to close at $62.75.
The drop extends Block’s slide in 2025, with shares now down 18.24% year to date.
Despite the market’s sharp reaction, several key metrics from Block’s third-quarter report highlighted continued growth for the company. Gross profit rose 18% year over year to $2.66 billion, and Block projected full-year 2025 profits of $10.24 billion — a 15% increase from the prior year.
Cash App, Block’s peer-to-peer payments arm, remained the company’s primary profit driver, generating $1.62 billion in gross profit — up 24% year over year. Meanwhile, Square, its merchant payments division, contributed $1.018 billion, marking a 9% annual increase.
After operating expenses, Block reported operating income of $409 million, up 26% from the same period last year.
Bitcoin mining initiatives
Block’s Chief Financial Officer, Amrita Ahuja, said on an investor call that the company’s Bitcoin mining division, Proto, had begun to show early signs of success.
“We generated our first revenue, seeding what has the potential to become our next major ecosystem,” Ahuja said. “We monetized Proto’s innovation in hardware and software through sales of ASICs, mining hashboards, and complete mining rigs that provide many of the advanced components needed to mine Bitcoin.”
Proto, launched in November 2024, announced its first mining rig placements in August 2025. Ahuja described Q3 revenue as “modest” but noted that the company is “actively pursuing a robust pipeline for 2026.”
