Block’s gross profit is a better proxy for revenue, which is why their investor presentations highlight gross profit instead of revenue.

Payments companies typically trade on net revenue, which nets out transaction costs (mostly interchange revenue they pay to the card networks and issuing banks).

Block’s top-line revenue is gross revenue and transaction costs are included in COGS.

Additionally, for the consumer side, as others mentioned, Bitcoin revenue is largely a pass through because Block buys the Bitcoin that their customers purchase. They make basically no gross profit on their crypto business.

On a net basis, if total revenue is flat, but Bitcoin revenue declined significantly, then it wants their core gross margin positive business is growing.

TLDR - Gross profit is a better proxy for top-line growth, and that grew by 35%