Bitcoin revenues of US-based digital payments company Block fell by 6% in the second quarter of the year.
Bitcoin revenues of Block, the company of former Twitter CEO Jack Dorsey, fell 6% year-on-year in the second quarter to $4.4 billion. It suffered a $208 million loss during the quarter, versus Wall Street’s expected revenue of $4.35 billion.
Following the results, Block’s shares fell 5.35% in after-hours trading on Thursday to 84.90.
The company’s Bitcoin revenues in the same period of 2021, on the other hand, increased by 62% to $ 4.42 billion.
Jack Dorsey’s company cited the decline in consumer demand for Bitcoin, with the decline in the price of Bitcoin as the main factor in this decline.
“Cash App delivered $1.79 billion in Bitcoin revenue and $41 million in Bitcoin profits in the second quarter of 2022, down 34% and 24% year-on-year, respectively,” Block said in a letter to shareholders.
Bitcoin revenue and gross profit increased by 143% and 168% on a 3-year CAGR basis, according to the company’s statement. Block expects Bitcoin revenue and gross profit to fluctuate in the coming quarters, driven by price movements and demand for the asset.
13466
