Jack Dorsey’s Block Reports $5.5 Billion in Q2 Revenue—Almost Half of It From Bitcoin

Bitcoin-loving funds agency Block Inc. in the present day reported gross revenue of $1.87 billion in its second quarter 2023 outcomes—a 27% year-over-year enhance. And $2.4 billion of its whole $5.5 billion Q2 web income got here from Bitcoin, the corporate mentioned.

The corporate—previously referred to as Sq.—noticed a 34% enhance in Bitcoin income in comparison with the identical interval in 2022. Bitcoin income refers back to the whole sale quantity of cryptocurrency offered to clients.

“We delivered sturdy progress and profitability at scale in the course of the second quarter of 2023,” the corporate mentioned in a letter to shareholders.

Block’s Money App enterprise Bitcoin income stood at $1.16 billion, a 39% enhance in comparison with the identical interval in 2022. If not for a dip in costs, the corporate mentioned, the income may have contributed much more to its backside line.

“The year-over-year enhance in Bitcoin income and gross revenue was pushed by a rise within the amount of Bitcoin offered to clients, partially offset by a lower within the common market worth of Bitcoin in comparison with the prior-year interval,” the corporate mentioned in a letter to shareholders.

The corporate additionally recorded no impairment losses on its Bitcoin holdings, which now whole $245 million, within the three- and six-month durations ending June 30, 2023.

An impairment cost refers to a lack of worth in property—on this case, the digital property held by the corporate.

Block is a funds firm based by Twitter co-founder Jack Dorsey. Its widespread cell app, Money App, is a well-liked device for purchasing and promoting Bitcoin.

The app final yr put in the Bitcoin “second-layer answer” the Lightning Community—permitting customers to make small and fast funds with crypto.

The transfer exhibits simply how dedicated the corporate is to pushing Bitcoin adoption. In June, Dorsey-backed Bitkey launched the beta for its Bitcoin pockets, which is able to enable customers withdraw BTC from their Coinbase and Money App wallets utilizing “copy and paste.”