Former Twitter CEO Jack Dorsey’s Block posted a 29 percent year-over-year (YoY) gain to $1.47 billion in Q2, despite the Bitcoin business collapsing due to declining customer demand and Bitcoin (BTC) prices. BTC ) that decreases
Financial services company earns Bitcoin by providing BTC trading services through the digital payment application Cash App.
Block Inc. reported that its business generated $1.79 billion in Bitcoin revenue in the quarter, down 34% YoY, while Bitcoin gross profit was only $41 million. “Broad uncertainty” in crypto assets, stating:
“The year-over-year decline in Bitcoin revenue was affected by lower consumer demand and the price of bitcoin, which was associated with broader uncertainty about crypto assets during the quarter.”
However, Block Inc. emphasizes that BTC’s slump in profits does not reflect the broad performance of its business. It also notes that BTC profits tend to fluctuate over time as a result of “Changes in Customer Demand or Bitcoin Market Price”
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