Block (formerly Square) made $1.79 Billion in Bitcoin sales through the Cash App in the second quarter of 2022, generating a gross profit of $41 million for the payment company.
Compared to the same period in 2021, the figures fell by 34.2% and 25.4%, respectively.
The company has explained:
“Weakening momentum is driven primarily by lower consumer demand and Bitcoin prices, partly related to broader uncertainty around digital assets.”
Block’s combined revenue for the second quarter was $4.4 billion. The firm posted a net loss of $208 million on a gross profit of $1.47 billion.