Block Inc. (an American financial services and digital payments company founded by Jack Dorsey) reaped a profit of $1.47B in Q2, but profit from BTC transactions contributed only $41M, with the firm stating that owing to volatile prices and a lack of customer demand.
Block Inc. chiefly yields Bitcoin revenue by providing BTC trading services through Cash App – a digital payment application. They reported that the business generated $1.79B in Bitcoin revenue for the quarter, plummeting by 34%. With a Bitcoin profit of just $41M, Block Inc. emphasized that the drop does not reflect the entire business’s performance.
However, investors were unimpressed with the results for Q2, so the company’s stock fell 7.42% to $83.