Block, Inc. reported significant financial improvements in its third quarter and year-to-date results for 2024, reflecting a robust performance across its segments, particularly Cash App and Square. For the three months ended September 30, 2024, total net revenue reached $5,975.8 million, a 6% increase from $5,617.5 million in the same period of 2023. For the nine months ended September 30, 2024, net revenue was $18,088.5 million, up 12% from $16,142.6 million year-over-year.
Transaction-based revenue for Q3 2024 was $1,712.4 million, a 3% increase from $1,658.7 million in Q3 2023. Subscription and services-based revenue surged by 20% to $1,797.9 million, compared to $1,492.9 million in the prior year. Bitcoin revenue remained stable, with Q3 2024 reporting $2,428.6 million, slightly up from $2,423.6 million in Q3 2023.
Gross profit for Q3 2024 was $2,249.7 million, a 19% increase from $1,898.4 million in Q3 2023. The operating income turned positive at $323.0 million, compared to an operating loss of $9.9 million in the same quarter last year. Net income for Q3 2024 was $281.1 million, a significant recovery from a net loss of $93.5 million in Q3 2023. For the nine months ended September 30, 2024, net income totaled $941.8 million, compared to a net loss of $103.1 million in the same period of 2023.
Block's total assets increased to $36.4 billion as of September 30, 2024, up from $34.1 billion at the end of 2023. Cash and cash equivalents also saw a substantial rise, reaching $8.3 billion compared to $5.0 billion at the end of 2023. The company reported total stockholders' equity of $19.9 billion, an increase from $18.7 billion at the end of 2023.
Strategically, Block has focused on cost efficiency, implementing a cap on employee numbers at 12,000 in November 2023. The company also issued $2.0 billion in senior unsecured notes due 2032, enhancing its liquidity position, which stood at $10.7 billion as of September 30, 2024. The board authorized a $4 billion share repurchase program, reflecting confidence in the company's financial health.
Block continues to navigate regulatory challenges, including inquiries from the SEC and DOJ, and is actively managing its exposure to risks associated with its cryptocurrency investments. The company remains committed to investing in its operations while addressing competitive pressures in the payments industry.
About Block, Inc.
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