Block CEO Jeff Jones said the change was “continuing on the path toward pre-pandemic levels.”
Wave quarterly revenue was $14.8 million, up from $11.2 million
The company is also reporting success in selling tax services to customers of the Wave accounting software. “We've also seen thousands of Wave customers start to engage with the Block Advisors brand for their tax needs.,” Jones said.
Block is building new capabilities in bookkeeping and payroll. Jones also said in February, it kicked off marketing campaign for Block Advisors to communicate its ability to provide year-round services to small business owners.
With the February 12 start to the 2021 tax season, the quarter uncharacteristically did not reflect significant tax preparation fees.
That meant the loss for the recently ended period ballooned to slightly less than $233 million from slightly less than $130 million a year earlier. Revenue for the quarter was $308.2 million, down 40.6 percent from $512 million in last year’s corresponding quarter because of the lack of tax preparation revenue.