Block (ex-Square)the digital payment technology company by Jack Dorseythe former director and founder of Twitter, released the financial results for the second quarter of the yearin which the impact of the fall of bitcoin is reflected.
Specifically, he reported income of USD 4,404 milliona figure lower than the USD 4,680 million reached in the same period of the previous year, but somewhat higher than the market estimates of USD 4,380 million.
For its part, adjusted earnings per share (EPS) was $0.18slightly above the $0.17 per share forecast by Wall Street, but clearly lower than the $0.48 in Q2 2021.
Regarding operations linked to bitcoin, transactions via Cash App generated about USD 1,790 million, which represents a year-on-year drop of almost 34%. Meanwhile, gross profits were USD 441 million, 24% less year on year.
Block explained that the decline in your cryptocurrency business it was “Primarily driven by a decline in consumer demand and the price of bitcoin, related in part to broader uncertainty surrounding crypto assets, which more than offset the benefit of volatility in the price of bitcoin during the quarter”.
“In future quarters, bitcoin revenue and gross profit may fluctuate as a result of changes in customer demand or the market price of bitcoin”the company added.
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Jack Dorsey’s new company was hit hard by the bitcoin crash | Dolarhoy.com