Bitcoin-friendly payments company Block Inc.
Nearly half of Jack Dorsey’s company Block’s $5.5 billion in sales for the second quarter came from Bitcoin. In its quarterly report for the second quarter of 2023, the company revealed a rise in gross profit of 27% year over year, to $1.87 billion. Bitcoin contributed $2.4 billion of the company’s $5.5 billion in Q2 net revenue.
The Bitcoin-friendly payments company Block Inc. announced today a 27% increase in quarterly gross earnings to $1.87 billion. Bitcoin contributed $2.4 billion of the company’s $5.5 billion in Q2 net revenue.
Compared to the same period in 2022, the company formerly known as Square reported a 34% increase in Bitcoin income. The term “Bitcoin revenue” is used to describe the sum of money made through the sale of Bitcoins to buyers.
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Bitcoin revenue
The Cash App segment of Block’s company reported Bitcoin revenue of $1.16 billion, representing a 39% rise in comparison to the same period in 2022. According to the corporation, if there had not been a fall in pricing, the revenue would have been able to contribute much more to the company’s bottom line.
The year-over-year increase in Bitcoin revenue and gross profit was driven by an increase in the quantity of Bitcoin sold to customers,” the firm explained in a letter to shareholders. “This was partially offset by a decrease in the average market price of Bitcoin compared to the prior-year period, the company added.
In addition, the organization did not report any impairment losses on its Bitcoin holdings for the three-month or the six-month periods that ended on June 30, 2023. These assets currently amount $245 million.
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