In the second quarter of 2022, Block ( formerly Square ) generated $1.79 billion in bitcoin sales through the Cash App, 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.
“Weakening momentum is driven primarily by lower consumer demand and bitcoin prices, partly related to broader uncertainty around digital assets, ” the company explained.
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.
The company considered the depreciation of the purchased bitcoins for $36 million. The value of investments in the first cryptocurrency as of June 30 was estimated at $160 million, which is $47 million higher than the figure after the revaluation.
