Payment technology company Block, Inc. (NYSE: SQ) Friday reported a double-digit increase in third-quarter revenues and adjusted profit.
Total net revenue came in at $5.62 billion in the third quarter of 2023, which is up 24% from the prior-year period. Excluding bitcoin revenue, revenue increased 16% year-over-year to $3.19 billion during the three-month period.
The strong top-line growth translated into a 31% jump in adjusted earnings to $0.55 per share. On an unadjusted basis, it was a net loss of $29.0 million or $0.05 per share in Q3, compared to a loss of $14.7 million or $0.02 per share a year earlier.