Block Shares Jump on Strong Quarter Despite Bitcoin Dip
Bitcoin Block Shares Jump on Strong Quarter Despite Bitcoin Dip Jack Dorseys payments firm Block rose 7.9% in after-hours trading as its Q1 earnings surpassed analyst estimates, despite posting its first loss in three years. Block came out with quarterly earnings of 85 cents per share, beating the Zacks consensus estimate of 68 cents per share. Investors responded positively, driving Block shares to $75.70 after hours, Google Finance data shows. “This quarterly report represents an earnings surprise of +25.68%,” said Zacks Equity Research on Thursday. “Over the last four quarters, the company has surpassed consensus EPS estimates two times.” Expanding Bitcoin‘s use into the payments space has been a key area of focus for Dorsey, who previously argued that widespread payment adoption is needed to fulfill Satoshi Nakamoto’s original vision of Bitcoin as a peer-to-peer electronic cash system. In late April, Block noted that over 800,000 US-based merchants have enabled Bitcoin transactions for everyday purchases. Block reports first quarterly loss in three years The earnings beat came despite Block reporting its first quarterly loss since 2023, driven by a 23.8% drop in the price of Bitcoin over the three-month period. Q1 net loss was $309 million, which included a $172.8 million Bitcoin remeasurement loss on the 8,883 Bitcoin









