Block missed its revenue estimates for Q3 and said it is “winding down” its DeFi business to shift money into its Bitcoin mining and wallet businesses.
Block Inc’s (SQ) shares tumbled early after hours as its Bitcoin revenue flatlined in Q3 compared to the previous year, and total revenues missed Wall Street expectations.
Block shares dropped by 12.3% to a bottom of $66 ten minutes after the closing bell on Nov. 7 after closing the day down 3.05% at $75.27, according to Google Finance.
It’s since recovered to a loss of 1.7% and its share price is up 4.2% so far this year.
