Block's Q1 performance was "strong" and it raised its full-year earnings forecast, but it recorded a $173 million Bitcoin revaluation loss.

CoinFeed reported on May 8th that, according to The Block, Jack Dorsey's fintech company Block recorded a $173 million revaluation loss in the first quarter due to Bitcoin price volatility, resulting in a net loss attributable to common shareholders of $309 million. Block holds 28,355 Bitcoins, worth approximately $2.2 billion. Despite this non-cash loss, Block's total gross profit increased by 27% year-over-year to $2.91 billion in the first quarter. Cash App's gross profit increased by 38% to $1.91 billion, but its Bitcoin business declined by 31% year-over-year. Square's Bitcoin business remained largely unchanged, with related revenue of approximately $28 million, offset by roughly equivalent costs, and its impact on gross profit was negligible. Adjusted operating profit increased by 56% to $728 million, and adjusted earnings per share increased by 52% to $0.85.