Block, the digital payments company of Jack Dorsey, the former CEO of Twitter, experienced a 6% decrease in net revenues compared to last year due to the decline in Bitcoin (BTC) revenues in the second quarter of 2022.
blocknot long ago 2022 second quarter financial report explained. The company in the second quarter Drop in Bitcoin revenues because of in net income compared to last year 6% decrease reported.
According to the financial report, total in the second quarter $4.4 billion net income by the analysts expectations of $4.3 billion. of the company on Net income excluding Bitcoin compared to last year 34% increasing $2.62 billiona rose.
The company is a mobile payment application that allows direct Bitcoin trading. CashAppannually from 34% in decline 1.79 billion dollarsness Bitcoin revenue reported. app Bitcoin gross profit compared to the second quarter of the previous year. 24% down 41 million dollarsa fell.
Despite the fact that the company announced a net income above the estimates in the second quarter of 2022, it made the following statements about the decrease in its net income compared to the previous year due to the decrease in Bitcoin revenues:
The year-over-year decline in Bitcoin revenue and gross profit was due in part to a decline in consumer demand and Bitcoin price driven by broader uncertainty in crypto assets, which more than offset the Bitcoin price volatility during the quarter.