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- The gross profit for the second quarter of 2023 reached $1.87 billion, reflecting a 27% increase compared to the previous year.
- Bitcoin revenue rose by 34% compared to the same period in 2022.
Block Inc., a company specializing in Bitcoin transactions, has revealed that its gross profit for Q2 2023 was $1.87 billion, marking a 27% year-over-year increase. Furthermore, Bitcoin generated $2.4 billion out of the company’s total reported net revenue of $5.5 billion during the second quarter.
The Bitcoin revenue for the entity formerly known as Square saw a 34% rise compared to the same period in 2022. There was a 39% increase in Bitcoin revenue from Block’s Cash App division, climbing to $1.16 billion from the previous year. The organization noted that revenue would have been even higher if not for a decline in pricing.
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The company attributed the growth in revenue and gross profit from Bitcoin sales to its clients as the driving factor for the increase, despite the average market price of Bitcoin decreasing during this timeframe.
The corporation held $245 million worth of Bitcoins as of June 30, 2023, which did not experience any impairment losses over the three or six-month periods concluding on June 30, 2023. Jack Dorsey, the co-founder of Twitter, also established the payment processing firm Block. Its mobile application, Cash App, is extensively utilized for buying and selling Bitcoin.
Last year, the Lightning Network, a “second-layer solution” for Bitcoin, was incorporated into the app, allowing users to conduct instant, low-value cryptocurrency transactions. This initiative highlights the company’s commitment to fostering Bitcoin adoption.
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