PANews, May 8 news. According to The Block, Block, the fintech company owned by Jack Dorsey, recorded a $173 million remeasurement loss in Q1 due to Bitcoin price fluctuations, resulting in a net loss attributable to common stockholders of $309 million. Block holds 28,355 Bitcoins valued at approximately $2.2 billion. Despite this non-cash loss, Block’s total gross profit in Q1 increased 27% year-over-year to $2.91 billion.
Cash App’s gross profit rose 38% to $1.91 billion, but Bitcoin business decreased 31% year-over-year. Square’s Bitcoin business remained essentially unchanged, with related revenue of about $28 million offset by roughly equivalent costs, resulting in negligible impact on gross profit. Adjusted operating profit grew 56% to $728 million, and adjusted earnings per share increased 52% to $0.85. Block raised its full-year performance outlook, expecting full-year 2026 gross profit to increase 19% year-over-year and adjusted diluted EPS to grow 62%.
