Shares in Jack Dorsey’s Block Inc. dropped almost 12% in after-hours trading on Thursday after its third-quarter earnings missed analyst estimates.
The crypto-friendly fintech firm posted an earnings per share of 54 cents for Q3, missing analyst estimates of 63 cents by 14%. Meanwhile, its Q3 revenues of $6.11 billion were up 2.3% year-on-year, but fell short of expectations of $6.33 billion.
Shares in Block Inc. (XYZ) fell 11.53% in after-hours trading to $70.93 after ending the trading day down 3.7% at $62.75.
It adds to Block’s stock price slide, which has seen shares fall 18.24% so far over 2025.
Despite the sharp reaction in the markets, certain metrics from Block’s Q3 results showed strong growth for the company.
The firm posted an 18% year-over-year increase in gross profit at $2.66 billion, and says it now expects profits to hit $10.24 billion for 2025, a 15% yearly increase.
Block’s peer-to-peer payments arm Cash App generated the majority of its profit with $1.62 billion, marking a 24% yearly increase. Square, Block’s merchant payments business, accounted for $1.018 billion, a 9% increase.
In terms of overall profit after accounting for operating expenses, Block’s operating income totaled $409 million, up 26% YOY.
Block’s Bitcoin Mining Ventures
Block’s chief financial officer Amrita Ahuja said on an investor call that the firm’s Bitcoin mining arm, Proto, had started to bear fruit.
“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 hardware sales across ASICs, mining hashboards, and full mining rigs that provide many of the key advanced components to mine Bitcoin.”
Proto launched in November 2024, but its first mining rig placements weren’t announced until August. Ahuja said Q3 revenue was “modest,” but the company was “actively pursuing a robust pipeline for 2026.”