暴跌 15%，北美支付宝 Block“罪不致此”

Core Insights - Block's Q3 2025 earnings report showed strong performance, with core revenue and adjusted net profit exceeding expectations, despite a significant drop in stock price attributed to macroeconomic factors [1][5][6] Revenue and Profit Performance - Core revenue, excluding Bitcoin transactions, grew by 17% year-over-year, accelerating by 7 percentage points from the previous quarter, which was better than expected [1] - Adjusted operating profit reached $480 million, a year-over-year increase of 8%, slightly above expectations, although profit growth lagged behind revenue growth, indicating a lack of operating leverage [1][5] Business Segment Analysis - Square's gross payment volume (GPV) increased by 12% year-over-year, continuing to accelerate with a 2 percentage point increase from the previous quarter, driven mainly by international markets, which saw a GPV growth of 26% [1][5] - Cash App demonstrated even stronger growth, with revenue and gross profit both exceeding 20% year-over-year growth, significantly outperforming market expectations [2][5] Cost and Expense Dynamics - Overall operating expenses rose by nearly 17% year-over-year, primarily due to increased customer acquisition costs and a nearly 90% increase in bad debt losses, reflecting the rapid growth in credit business [2][3][5] Future Guidance - For the next quarter, the company expects gross profit to grow by 19% year-over-year, with adjusted operating profit projected at $560 million, indicating stable growth and profitability [6][5] Market Context - The market's focus on Block's dual business model in payments and cryptocurrency has diminished due to a cooling cryptocurrency market, but the company's international expansion and improved user ecosystem in Cash App remain positive growth drivers [6][5]