Block published its quarterly results on August 5, showing a stark contrast: consolidated gross profit surged 25% to $3.17 billion, beating forecasts, driven by 31% growth in Cash App gross profit excluding bitcoin. Meanwhile, the bitcoin segment saw gross profit plummet 31% to $72 million and revenue fall 13% to $1.89 billion, due to lower fees on bitcoin purchases and weaker global trading volumes. The decline in bitcoin price by June 30 also generated an $88.5 million re-evaluation loss on the company’s treasury of 9,032 BTC, with no realized loss. The stock rose 4% after the report, as investors focused on overall strength rather than the bitcoin drag.
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