TechFlow News — On November 8, according to Coindesk, Block (SQ), the payments company founded by Twitter co-founder Jack Dorsey, plans to refocus on building hardware devices for Bitcoin (BTC) miners and its self-custody crypto wallet. This shift is partly funded by abandoning efforts to create a new decentralized internet platform known as "Web5," launched in June 2022, and reducing investment in the music streaming app Tidal. The announcement came in the same week that Donald Trump won the U.S. presidential election, having pledged to foster a more crypto-friendly environment in America—Bitcoin mining being one of the industries he promised to support during his campaign. In addition to a letter to shareholders, Block also released its third-quarter financial results on Thursday. The company reported revenue of $5.98 billion, below the average Wall Street analyst expectation of $6.24 billion according to FactSet. Following the report, the company's stock dropped as much as 10%.
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