Jack Dorsey-led Block posts $1.5B in Q2 profits, BTC revenue down
Block Inc. posted $1.47B worth of profit in Q2 but BTC trading services profit only accounted for $41 million of that figure, with the firm citing price volatility and a lack of consumer demand. Former Twitter CEO Jack Dorsey’s digital payments firm Block Inc. saw its year-on-year (YoY) profits soar 29% to $1.47 billion in Q2, though its Bitcoin business slumped on decreased customer demand and a fall in Bitcoin (BTC) prices.The financial services firm primarily generates Bitcoin revenue by providing BTC trading services via its digital payments application Cash App. Block Inc. noted the....
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