In a letter to shareholders, Block said there's been declining consumer demand for Bitcoin in recent months.
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Block achieved gross profits of $1.47 billion in the second quarter — up 29% year on year.
Jack Dorsey's crypto-focused payment company — which owns Square and Cash App — says it's continuing to grow despite the market downturn.
But it hasn't all been plain sailing. Revenues related to Bitcoin stood at $1.79 billion, 34% less than during the same period a month ago. And out of that, gross profit was $41 million — just 2% of revenue.
In a letter to shareholders, Block said there's been declining consumer demand for Bitcoin in recent months.
The results were worse than what analysts had expected — and in pre-market trading on Friday, Block's share price was down 6.7%.
