Jack Dorsey-led Block posts $1.5B in Q2 profits, BTC revenue down

Jack Dorsey-led Block posts $1.5B in Q2 profits, BTC revenue down


Former Twitter CEO Jack Dorsey’s digital payments firm Block Inc. saw its year-on-year (YoY) profits soar 29% to $1.47 billion in Q2, though its Bitcoin business slumped on decreased customer demand and a fall in Bitcoin (BTC) prices.

The financial services firm primarily generates Bitcoin revenue by providing BTC trading services via its digital payments application Cash App.

Block Inc. noted the business generated $1.79 billion of Bitcoin revenue in the quarter, down 34% YoY, while Bitcoin gross profit was only $41 million, which suggests it may be a high-cost venture to provide Bitcoin services to its customers.

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Block Inc. said the fall in Bitcoin revenue was attributed to “broader uncertainty” in crypto assets, stating:

“The year-over-year decrease in Bitcoin revenue and gross profit was driven

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