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Cryptocurrency News

Jack Dorsey-led Block posts $1.5B in Q2 profits, BTC revenue down

08/05/2022

Less than a minute

2022.08.05 07:54

Jack Dorsey-led Block posts $1.5B in Q2 profits, BTC revenue down

Former Twitter (NYSE:TWTR) CEO Jack Dorsey’s digital payments firm Block Inc. saw its year-on-year (YoY) profits soar 29% to $1.47 billion in Q2, though its Bitcoin business slumped on decreased customer demand and a fall in Bitcoin (BTC) prices.

The financial services firm primarily generates Bitcoin revenue by providing BTC trading services via its digital payments application Cash App.