Block Inc‘s (NASDAQ:SQ) Bitcoin (CRYPTO: BTC) revenue grew 37.5% to $2.42 billion from a year earlier.

What Happened: In after-hours trading, the Jack Dorsey-run company witnessed a surge in its share price after surpassing analyst expectations for its third-quarter earnings.

The gross profit derived from Bitcoin also rose to $44 million, marking an improvement from the previous year’s $36 million.

The company also highlighted the value of its Bitcoin holdings in its corporate treasury, which amounted to $216 million based on market prices. Importantly, the market value of these holdings exceeded their book value by $114 million.

Notably, Block did not recognize any Bitcoin impairment loss in the third quarter of 2023.

Will The SEC Finally Approve Long-Awaited Bitcoin Spot ETF? Ask industry experts directly at Benzinga’s Future of Digital Assets event happening in NYC on Nov. 14, 2023. Be a part of the discussions where you won’t just be a passive spectator. Don’t let this chance slip away – secure early bird discounted tickets now!

See More: A Stay At The Floating Palace From James Bond’s ‘Octopussy

Why It Matters: When considering the overall revenue, Block witnessed a remarkable 24% year-over-year growth, reaching $5.62 billion from $4.52 billion in the same period last year.

Bitcoin revenue accounted for approximately 43% of the total revenue. The rise in revenue fueled by cryptocurrency was predominantly driven by the strong performance of Block’s Cash App product.

Specifically, Cash App revenue grew by 34% to $3.58 billion, surpassing the $2.68 billion recorded a year ago.

Price Action: At the time of writing, BTC was trading at $34,617.55, down 2.61% in the last 24 hours, according to Benzinga Pro. Block’s shares closed at $43.98, representing a gain of 7.37% during regular market hours. In after-hours trading, the shares continued to climb, reaching approximately $50, reflecting an increase of 16.33%.

Read Next: Here’s How Much You Should Invest In Shiba Inu Today For A $1M Payday If SHIB Hits 1 Cent?

Image via Shutterstock