Block posts 34% increase in Bitcoin revenue in Q2 but shares stumble

Shares successful outgo exertion steadfast Block Inc. tumbled aft hours contempt its second-quarter results beating net expectations, including a 34% year-on-year summation successful Bitcoin (BTC) revenue.

In a Q2 net call, Block reported a whopping $2.4 cardinal successful Bitcoin income connected its Cash App platform, with gross nett from Bitcoin income coming successful astatine $44 million, a 7% summation from the aforesaid clip past year.

Block’s gross for the 4th accrued 25.6% from $4.4 cardinal to $5.53 cardinal twelvemonth implicit year, meaning astir fractional came from Bitcoin income alone.

Our Q2 net are present available. $SQ https://t.co/oGcnRuzFb3

— Block Investor Relations (@BlockIR) August 3, 2023

The institution attributed the summation successful Bitcoin gross to customers continuing to acquisition the crypto plus contempt a diminution successful terms implicit the people of the past year.

“The year-over-year summation successful bitcoin gross and gross nett was driven by an summation successful the quantity of bitcoin sold to customers, partially offset by a alteration successful the mean marketplace terms of bitcoin compared to the prior-year period.”

However, the marketplace failed to registry a affirmative response, with the terms of Block shares closing down 5.6% successful aft hours trading, according to data from Google Finance.

Despite beating net expectations, Block's stock terms fell 5.6% successful aft hours trading. Source: TradingView

Block besides highlighted its ain Bitcoin investments, noting a acquisition of $50 cardinal successful Q4 2020 and an further $170 cardinal successful Q1 2021.

"As of June 30, 2023, the just worth of our concern successful Bitcoin was $245 cardinal based connected observable marketplace prices, which was $142 cardinal greater than the carrying worth of the concern aft cumulative impairment charges," work the net report.

Related: Cathie Wood’s ARK loads up crypto bags, buys $19.9M Block shares

Overall, Block Inc. reported a gross nett of $1.87 cardinal — a 27% summation twelvemonth implicit twelvemonth — portion Cash App continued to amusement spot with $968 cardinal successful gross profits, up 37% connected the year.

Block Inc. gross profits Q2 2023. Source: Block earnings

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