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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 increase in Bitcoin ( BTC ) revenue. 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% increase from the same time last year. Block’s revenue for the quarter increased 25.6% from $4.4 billion to $5.53 billion year on year, meaning nearly half came from Bitcoin sales alone. Our Q2 earnings are now available. $SQ https://t.co/oGcnRuzFb3 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. However, the market failed to register a positive response, with the price of Block shares closing down 5.6% in after-hours trading, according to data from Google Finance. 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 shares 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. Deposit risk: What do crypto exchanges really do with your money?
Read more: cointelegraph
