Rocket ICO Giving you a better way to make your decisions and enjoy the process of ICO backing

  • Lydian ICO
  • Markets
Latest News
  • Robinhood lists Stellar (XLM) and Avalanche (AVAX)   |   08 Aug 2022

  • Crypto doesn’t have a place in private banking today: Pictet   |   06 Aug 2022

  • Mummy.io partners with Polygon Studios to scale their metaverse   |   06 Aug 2022

  • We never completed WazirX acquisition   |   05 Aug 2022

  • Block Inc., posts $1.47B Q2 profits, Bitcoin revenue drops   |   05 Aug 2022

  • FLOW token price is up by over 35% today   |   05 Aug 2022

 
Home» Markets»Block Inc., posts $1.47B Q2 profits, Bitcoin revenue drops

Block Inc., posts $1.47B Q2 profits, Bitcoin revenue drops

rocketman 05 Aug 2022 Markets Comments Off on Block Inc., posts $1.47B Q2 profits, Bitcoin revenue drops 3 Views

Former Twitter CEO Jack Dorsey’s digital payments firm, Block Inc., registered a $1.9 billion profit in the second quarter of 2022 despite the ongoing turmoil within the crypto market. However, revenue from Bitcoin services fell and only $41 million of the total profit.

The reduced revenue from Bitcoin, compared to previous years, was attributed to price volatility and a lack of consumer demand.

According to the Q2 report, digital payment company saw its year-over-year profits rise by approximately 29%. This is despite a reduced Bitcoin business.

Block Inc. Bitcoin business

Block Inc. generates Bitcoin revenue through BTC trading services, via its digital payment application Cash App. Bitcoin could be a high cost venture for digital payments company because of the reduced gross Bitcoin profit.

Block Inc. spoke out about the decreased Bitcoin revenue.

“The year-over-year decrease in Bitcoin revenue and gross profit was driven primarily by a decline in consumer demand and the price of bitcoin, related in part to broader uncertainty around crypto assets, which more than offset the benefit of volatility in the price of Bitcoin during the quarter.”

Although it is a loss on paper, the Block also suffered a $36million impairment loss in its BTC holdings.

The firm was, however, quick to emphasize that the slump in Bitcoin profits does not reflect the broader performance of the firm’s business.

Following Block’s Q2 performance, investors seem to be quite impressed despite the fact that the firm’s stock dropped by over 7% in the after-hours trading.

1.47B Bitcoin block drops posts profits revenue 2022-08-05
Tags 1.47B Bitcoin block drops posts profits revenue
Facebook Twitter Stumble linkedin Pinterest More

Authors

Posted by : rocketman
Previous Article :

FLOW token price is up by over 35% today

Next Article :

We never completed WazirX acquisition

Related Articles

Robinhood lists Stellar (XLM) and Avalanche (AVAX)

Robinhood lists Stellar (XLM) and Avalanche (AVAX)

rocketman 08 Aug 2022
Crypto doesn’t have a place in private banking today: Pictet

Crypto doesn’t have a place in private banking today: Pictet

rocketman 06 Aug 2022
Mummy.io partners with Polygon Studios to scale their metaverse

Mummy.io partners with Polygon Studios to scale their metaverse

rocketman 06 Aug 2022

ABOUT ME

lourari bra

lourari bra

Lorem ipsum dolor sit amet, consectetur adipiscing elit. Vivamus pulvinar eros id diam gravida, id pharetra ligula cursus. Sed dapibus lectus augue, non volutpat lorem porttitor vel.

Popular Posts

Robinhood lists Stellar (XLM) and Avalanche (AVAX)
Markets

Robinhood lists Stellar (XLM) and Avalanche (AVAX)

rocketman 08 Aug 2022
Bitcoin Profit Review 2021: Is It a Scam Or Legit?
Reviews

Bitcoin Profit Review 2021: Is It a Scam Or Legit?

rocketman 22 Jul 2021
Yuan Pay Group review 2021 – Is it a Scam or Legit?
Reviews

Yuan Pay Group review 2021 – Is it a Scam or Legit?

rocketman 26 Jul 2021
Immediate Bitcoin Review: Does it work?
Reviews

Immediate Bitcoin Review: Does it work?

rocketman 27 Jul 2021
Bitcoin Era Review: Is this a scam?
Reviews

Bitcoin Era Review: Is this a scam?

rocketman 27 Jul 2021

Advertisement

Recent Posts

  • Robinhood lists Stellar (XLM) and Avalanche (AVAX)

    Robinhood lists Stellar (XLM) and Avalanche (AVAX)

    rocketman 08 Aug 2022
  • Crypto doesn’t have a place in private banking today: Pictet

    Crypto doesn’t have a place in private banking today: Pictet

    rocketman 06 Aug 2022
  • Mummy.io partners with Polygon Studios to scale their metaverse

    Mummy.io partners with Polygon Studios to scale their metaverse

    rocketman 06 Aug 2022
  • We never completed WazirX acquisition

    We never completed WazirX acquisition

    rocketman 05 Aug 2022
  • Block Inc., posts $1.47B Q2 profits, Bitcoin revenue drops

    Block Inc., posts $1.47B Q2 profits, Bitcoin revenue drops

    rocketman 05 Aug 2022

htmagazine
About HTmagazine was created in 2015 , and covers the intersection of Technology, Lifestyle, Business, Entertainment, and Culture.

Follow us

Newslater

Those an equal point no years do. Depend warmth fat but her but played. Shy and subjects wondered

Random Posts

Robinhood lists Stellar (XLM) and Avalanche (AVAX)

Robinhood lists Stellar (XLM) and Avalanche (AVAX)

Crypto doesn’t have a place in private banking today: Pictet

Crypto doesn’t have a place in private banking today: Pictet

Mummy.io partners with Polygon Studios to scale their metaverse

Mummy.io partners with Polygon Studios to scale their metaverse

We never completed WazirX acquisition

We never completed WazirX acquisition

Block Inc., posts $1.47B Q2 profits, Bitcoin revenue drops

Block Inc., posts $1.47B Q2 profits, Bitcoin revenue drops

Tags

Bitcoin BTC buy CEO crypto cryptos gained heres market places price rally today token top
© Copyright 2021, All Rights Reserved