Bitcoin

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 Bitcoin profits on Block’s Cash App dropped slightly from the first quarter of 2023 but remain up 7% from this time last year. 
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 Shares in payment technology firm Block Inc. tumbled after hours despite its second-quarter results beating earnings expectations, including a 34% year-on-year <a rel="noopener noreferrer nofollow" title="increase" href="https://thebittimes.com/tag/increase.html">increase</a> in Bitcoin (BTC) <a rel="noopener noreferrer nofollow" title="revenue" href="https://thebittimes.com/tag/revenue.html">revenue</a>. 
 In a Q2 earnings call, Block reported a whopping $2.4 billion in Bitcoin sales on its Cash App platform, with gross profit from Bitcoin sales coming in at $44 million, a 7% <a rel="noopener noreferrer nofollow" title="increase" href="https://thebittimes.com/tag/increase.html">increase</a> from the same time last year. 
 Block’s revenue for the quarter increased 25.6% from $4.4 billion to $5.53 billion year over year, meaning nearly half came from Bitcoin sales alone. 
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 Our Q2 earnings are now available. $SQ https://t.co/oGcnRuzFb3— Block Investor Relations (@BlockIR) August 3, 2023 
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 The company attributed the increase in Bitcoin revenue to customers continuing to purchase the crypto asset despite a decline in price over the course of the last year. 
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 “The year-over-year increase in bitcoin revenue and gross profit was driven by an increase in the quantity of bitcoin sold to customers, partially offset by a decrease in the average market price of bitcoin compared to the prior-year period.” 
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 However, the market failed to register a positive response, with the price of Block <a rel="noopener noreferrer nofollow" title="share" href="https://thebittimes.com/tag/share.html">share</a>s closing down 5.6% in after hours trading, according to data from Google Finance. 
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 Despite beating earnings expectations, Block's share price fell 5.6% in after hours trading. Source: TradingView 
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 Block also highlighted its own Bitcoin investments, noting a purchase of $50 million in Q4 2020 and an additional $170 million in Q1 2021. 
 "As of June 30, 2023, the fair value of our investment in Bitcoin was $245 million based on observable market prices, which was $142 million greater than the carrying value of the investment after cumulative impairment charges," read the earnings report. 
 Related: Cathie Wood’s ARK loads up crypto bags, buys $19.9M Block <a rel="noopener noreferrer nofollow" title="share" href="https://thebittimes.com/tag/share.html">share</a>s 
 Overall, Block Inc. reported a gross profit of $1.87 billion — a 27% increase year over year — while Cash App continued to show strength with $968 million in gross profits, up 37% on the year. 
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 <figcaption style="text-align: center;"> Block Inc. gross profits Q2 2023. Source: Block earnings 
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Block posts 34% increase in Bitcoin revenue in Q2 but shares stumble

TheBitTimes

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