On November 7th, it was reported that the Block company of Jack Dorsey recorded $2 billion in Bitcoin revenue during the third quarter, which accounted for nearly one-third of its total revenue. According to Block’s Q3 report, the gross profit increased by 18%, with the Q3 revenue reaching $6.11 billion and the reported profit being $461.5 million. The performance met or exceeded the expectations of some analysts but failed to reach other key metrics. Bitcoin still remains Block’s second-largest revenue source, second only to subscription and service-based revenue. The XYZ stock fell by 3.7% to $70.94 at the market close and further dropped by 9.6% to $64.10 during after-hours trading.
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