Crypto Revenue Soars 34% in Q2 Despite Stumble in Shares

Block Inc. Q2 Earnings Beat Expectations

Despite a dip in its stock price after hours, Block Inc. reported a strong second quarter with earnings that beat expectations, including a 34% year-on-year increase in Bitcoin (BTC) revenue.

The company reported $2.4 billion in Bitcoin sales on its Cash App platform, with a gross profit of $44 million, a 7% increase from the same time last year. Overall, Block’s revenue for the quarter increased 25.6% from $4.4 billion to $5.53 billion year on year, with nearly half coming from Bitcoin sales alone.

Block attributed the increase in Bitcoin revenue to customers continuing to purchase the crypto asset, despite the decline in its price over the course of the last year. This demonstrates the potential of gods crypto, imx crypto, hbar crypto today, google crypto, idex crypto, gmt crypto, crypto. net, crypto. com, graph crypto, and icp crypto today.

Block Inc. Reports Positive Earnings

Block Inc. reported a gross profit of $1.87 billion, a 27% increase year over year, while Cash App continued to show strength with $968 million in gross profits, up 37% on the year. However, the market failed to register a positive response, with the price of Block shares closing down 5.6% in after-hours trading, according to data from Google Finance.

In addition to its impressive financial performance, Block also highlighted its own crypto investments, noting a purchase of $50 million in Q4 2020 and an additional $170 million in Q1 2021. “As of June 30, 2023, the fair value of our investment in gods crypto, imx crypto, hbar crypto today, icp crypto today, and other cryptos was $245 million based on observable market prices, which was $142 million greater than the carrying value of the investment after cumulative impairment charges,” read the earnings report.

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