Block Inc., the fintech company led by Jack Dorsey, saw its shares tumble nearly 12% in after-hours trading following a third-quarter earnings report that missed analyst estimates.
Q3 earnings fall short of expectations
For the third quarter of 2025, Block reported earnings per share of 54 cents, falling short of the anticipated 63 cents.
Revenue reached $6.11 billion, a 2.3% increase year-over-year, but still below analyst expectations of $6.33 billion.
The immediate market reaction saw Block shares drop 11.53% after hours to $70.93, following a 3.7% decline during the regular session. Year-to-date, the stock is down over 18%.
Profit growth in key business segments
Despite the overall miss, Block’s gross profit climbed 18% year-over-year to $2.66 billion.
The firm now expects to reach $10.24 billion in gross profit for 2025, representing a 15% annual increase.
The Cash App unit generated $1.62 billion in profit, up 24% year-over-year, while Square, its merchant payments business, saw profit rise 9% to $1.018 billion.
Operating income totaled $409 million, marking a 26% increase from last year.
Debut of bitcoin mining venture
Block’s Chief Financial Officer Amrita Ahuja discussed the initial results from the company’s Bitcoin mining unit, Proto, which launched in November 2024. She stated:
“We generated our first revenue, seeding what has the potential to become our next major ecosystem. 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.”
While Q3 revenue from mining was described as “modest,” Ahuja said Block is building a strong pipeline for 2026.
The company’s entry into mining hardware comes amid broader industry competition and could be tracked alongside sector leaders using tools like the bitcoin mining profitablity chart.
Outlook and sector context
Block’s move into Bitcoin mining hardware signals a diversification beyond its payments businesses, as the industry continues to evolve.
With the company projecting continued profit growth and new revenue streams, investors will be watching its progress in both financial technology and Bitcoin infrastructure.
