Block Reports $1.47 Billion Revenue in Q2, Despite Decrease in BTC Trade

Block Reports $1.47 Billion Revenue in Q2, Despite Decrease in BTC Trade

Digital funds firm, Block has recorded a year-over-year (YoY) revenue of $1.47 billion in Q2 and income of $4.4 billion, regardless of a lower in Bitcoin (BTC) income.

The agency’s shareholder letter states that Cash App generated $1.79 billion in BTC transactions, which is 34% lower than the earlier 12 months.

The gross revenue from BTC was $41 million {dollars}, down 24% 12 months over 12 months.

The firm attributed the decline in BTC income to “a decline in consumer demand and the price of the digital currency, linked in part to wider uncertainty surrounding crypto assets, which has more than mitigated the benefit of Bitcoin’s price volatility over the quarter.”

Jack Dorsey’s Block additionally reported an impairment of $36 million on its Bitcoin holdings. The firm notes that the truthful worth of its funding in bitcoin was $160 million, versus the carrying worth of the funding of $113 million, as of June 30, 2022.

The shares of the corporate fell to $83.33, a lower of 6.5% in after-hours buying and selling on Thursday. 

Compiled by Coinbold

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