Block Inc. Reports Impressive Q2 2023 Results with $1.87 Billion Gross Profit, Fueled by Bitcoin Transactions
Block Inc., a payments firm known for its Cash App, reported impressive results in the second quarter of 2023, with a gross profit of $1.87 billion, marking a 27% year-over-year increase.
Out of its $5.5 billion net revenue for Q2, $2.4 billion came from Bitcoin transactions. The company’s Bitcoin revenue witnessed a substantial 34% growth compared to the same period in 2022, driven by an increase in the quantity of Bitcoin sold to customers. Despite a dip in prices, the company’s Cash App business recorded a remarkable $1.16 billion in Bitcoin revenue.
Additionally, Block revealed that it did not incur any impairment losses on its Bitcoin holdings, which now amount to $245 million. With its commitment to Bitcoin adoption evident through initiatives like the Lightning Network integration, Block continues to play a significant role in promoting cryptocurrency use.
Clever Robot News Desk 5th August 2023
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