THE DAILY ENCRYPT

October 4, 2022

Square & Cashapp Parent Company Block Inc Loses 6% Due to Bitcoin

Block, Inc. saw a 6% drop in second quarter net revenues year over year, mainly due to a decrease in bitcoin revenues....
Image by Blockinc.xyz

Block, Inc. saw a 6% drop in second quarter net revenues year over year, mainly due to a decrease in bitcoin revenues. The company’s second quarter net revenue increased 34% year over year, excluding the bitcoin impact.

Block Inc. reported a 6.6% drop in net revenues for its second quarter 2022 compared to last year. This was due to a decrease in bitcoin revenues.

In the second quarter, the company earned $4.4 billion in net revenue. The company reported that its total net revenue was up 34% to $2.62 Billion, despite the bitcoin impact, in a letter sent to shareholders before the earnings call.

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Square and Cash App’s parent company reported a loss of $208 millions in the third quarter. This includes a $36million impairment loss due to bitcoin, a $57million amortization charge and $17million related to “deal and integrated-related expenses.” These factors are not taken into account and the company’s quarterly loss is $98million.

Block, Inc.’s second quarter gross profit increased 29% year over year to $1.47 Billion. This includes a $705 million Cash App gross profit and a 755 million Square gross profit. The company’s second quarter bitcoin revenue from Cash App was $1.79 billion, which is 34% less than the previous year. The app’s bitcoin profit was $41million, which is 24% less than the same period last year.

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Today’s webcast will feature the second quarter results of the company by its executives at 5:00 PM EST.

Felipe Rodriguez

Felipe Rodriguez

Felipe states he has super powers, some argue that case but he does come up with some very clear predictions. Felipe is based in the US and frequently travels to Brazil where he was born. He is a journalist of the future and has a portfolio of crypto projects he has worked with. Felipe always says "The future doesn't scare me as much as the past, crypto is here to stay but only time will tell where it will take us".
Felipe Rodriguez

Felipe Rodriguez

Felipe states he has super powers, some argue that case but he does come up with some very clear predictions. Felipe is based in the US and frequently travels to Brazil where he was born. He is a journalist of the future and has a portfolio of crypto projects he has worked with. Felipe always says "The future doesn't scare me as much as the past, crypto is here to stay but only time will tell where it will take us".

© 2022 The Daily Encrypt. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

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