Excluding BTC, Block’s Q2 revenue and gross profit increased by 34% and 29%, respectively.
American digital payments company Block Inc.’s second-quarter revenue dropped by 6% year-over-year to $4.4 billion. Although the numbers still topped Wall Street’s expectations of $4.35 billion, it suffered a loss of $208 million during the quarter, the Associated Press reported.Block closed 2021 with an impressive 62%BTC Price Drives Down Revenue
“Cash App generated $1.79 billion of bitcoin revenue and $41 million of bitcoin gross profit during the second quarter of 2022, down 34% and 24% year over year, respectively,” BlockBTC revenue and gross profit, in fact, increased 143% and 168% on a 3-year CAGR basis, the company said. Block expects bitcoin revenue and gross profit to witness fluctuation in upcoming quarters depending on movements in consumer demand or BTC prices.
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