In the second quarter of 2022, Block (formerly Square) generated $1.79 billion in bitcoin sales through the Cash App, generating a gross profit of $41 million for the payment company.
Compared to the same period in 2021, the figures fell by 34.2% and 25.4%, respectively.
“Weaker momentum is driven primarily by lower consumer demand and bitcoin prices, partly related to broader uncertainty around digital assets,”- explained the company.
Block's combined revenue for the second quarter was $4.4 billion. The firm posted a net loss of $208 million on a gross profit of $1.47 billion.
The company took into account the depreciation of purchased bitcoinsin the amount of $36 million. The value of investments in the first cryptocurrency as of June 30 was estimated at $160 million, which is $47 million higher than after the revaluation.
The block.
Recall that in April, the Cash App introduced the function of automatically converting part of direct deposits into bitcoin.
Previously, ARK Invest Kathy Wood got rid of PayPal shares, explaining this move with greater confidence in the prospects of the application for buying cryptocurrencies from Block.
Prior to this, the head of the company, Jack Dorsey, has repeatedly stated his desire to make digital gold "the native currency of the Internet."
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