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Block Grew Wave Revs 30 Percent

H&R Block said that Wave revenue grew by 30 percent for the third quarter ended January 31. The tax services company made the comments during an earnings webcast.

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.

Bob Scott
Bob Scott has provided information to the tax and accounting community since 1991, first as technology editor of Accounting Today, and from 1997 through 2009 as editor of its sister publication, Accounting Technology. He is known throughout the industry for his depth of knowledge and for his high journalistic standards.  Scott has made frequent appearances as a speaker, moderator and panelist and events serving tax and accounting professionals. He  has a strong background in computer journalism as an editor with two former trade publications, Computer+Software News and MIS Week and spent several years with weekly and daily newspapers in Morris County New Jersey prior to that.  A graduate of Indiana University with a degree in journalism, Bob is a native of Madison, Ind
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