Jack Dorsey_s Block Reports Q2 Revenue of $5.5 Billion, Bitcoin Emerges as Top Revenue Source
Block Inc., a Bitcoin-friendly payments company, reported a substantial Q2 2023 gross profit of $1.87 billion—a 27% YoY increase. Bitcoin revenue contributed $2.4 billion out of $5.5 billion net revenue, showing a 34% rise compared to 2022. Cash App_s Bitcoin revenue also surged by 39% to $1.16 billion. The company attributes the growth to increased Bitcoin sales, despite a decline in the cryptocurrency_s average market price. Moreover, Block Inc. recorded no impairment losses on its $245 million Bitcoin holdings during the three- and six-month periods ending June 30, 2023.
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Jack Dorsey_s Block Reports Q2 Revenue of $5.5 Billion, Bitcoin Emerges as Top Revenue Source
Block Inc., a Bitcoin-friendly payments company, reported a substantial Q2 2023 gross profit of $1.87 billion—a 27% YoY increase. Bitcoin revenue contributed $2.4 billion out of $5.5 billion net revenue, showing a 34% rise compared to 2022. Cash App_s Bitcoin revenue also surged by 39% to $1.16 billion. The company attributes the growth to increased Bitcoin sales, despite a decline in the cryptocurrency_s average market price. Moreover, Block Inc. recorded no impairment losses on its $245 million Bitcoin holdings during the three- and six-month periods ending June 30, 2023.