Nearly Half of Block's $5.5 Billion Q2 Revenue Came From Bitcoin Sales
Block Inc. reported gross profit of $1.87 billion in Q2 2023 - a 27% year-over-year increase. $2.4 billion of its total $5.5 billion Q2 net revenue came from Bitcoin sales.
- "In the second quarter of 2023, we [Block] generated gross profit of $1.87 billion, up 27% year over year. Square generated gross profit of $888 million, up 18% year over year, and Cash App generated gross profit of $968 million, up 37% year over year."
- "Cash App generated $44 million of bitcoin gross profit in the second quarter of 2023, up 7% year over year."
- "The total sale amount of bitcoin sold to customers, which we recognize as bitcoin revenue, was $2.39 billion, up 34% year over year."
- "The year-over-year increase in bitcoin revenue and gross profit was driven by an increase in the quantity of bitcoin sold to customers, partially offset by a decrease in the average market price of bitcoin compared to the prior-year period."
