Fun

Jack Dorsey’s Block sees Bitcoin revenue grow 9% to $2.6B

News Feed - 2024-08-02 06:08:01

Ana Paula Pereira2 hours agoJack Dorsey’s Block sees Bitcoin revenue grow 9% to $2.6BBlock’s Bitcoin revenue exceeded $2.61 billion during the second quarter of 2024, contributing to a total net revenue of $6.16 billion for the period.1670 Total viewsListen to article 0:00NewsOwn this piece of crypto historyCollect this article as NFTCOINTELEGRAPH IN YOUR SOCIAL FEEDFollow ourSubscribe onJack Dorsey’s payment conglomerate Block Inc. has released its earnings results for the second quarter of 2024, posting a 9% growth in Bitcoin revenue year over year.


According to a shareholder letter, Block’s Bitcoin (BTC) revenue topped $2.61 billion over the period, with total net revenue reaching $6.16 billion in the quarter — an 11% growth compared to the same period in 2023.


Excluding Bitcoin income, revenue was $3.54 billion, up 13% year over year. Block recognizes Bitcoin revenue as the total amount of BTC sold to customers.


Block’s Cash App generated $4.13 billion in revenue in the quarter. Excluding gains from Bitcoin transactions, revenue was $1.52 billion. Cash App generated $67 million in Bitcoin gross profit in the second quarter of 2024, an increase of 52% over the same period last year.


According to Block, the Bitcoin gross profit expansion was driven primarily by a rise in the average price of BTC. The cryptocurrency is up over 45% so far in 2024, trading at $64,777 at the time of writing. 


The company also updated the status of its Bitcoin reserves, posting a $70 million loss from its BTC holdings. As of June 30, 2024, Block held approximately 8,211 BTC on its balance sheet for investment purposes, with a fair value of $515 million. The company acquired approximately 173 BTC over the past quarter.


Block’s total gross profit rose 20% over a year, standing at $2.23 billion. Net income attributable to common shareholders stood at $195 million in the second quarter of 2024, up from $102 million over last year.Block"s gross profit over 12 months. Source: Block Inc.


In May, Block announced plans to raise $2 billion in senior unsecured notes for qualified institutional investors. “Including the net proceeds from this debt offering, we ended the second quarter of 2024 with $10.3 billion in available Liquidity,” the company noted in its letter.


According to Block, funds from the debt sale would be used for debt repayment, acquisitions, strategic transactions, capital expenditures, investments and working capital.


Magazine:‘Crypto is inevitable’ so we went ‘all in’ — Meet Vance Spencer, permabull# Business# Fintech# Jack DorseyAdd reaction

News Feed

HectorDAO files for Chapter 15 bankruptcy in the US
Vince Quill3 hours agoHectorDAO files for Chapter 15 bankruptcy in the USThe decentralized autonomous organization was first impacted by the collapse of the Terra ecosystem in 2022 and suffered $16.4 million in losses.38
Bank of England Hikes Repo Rate by 75bps — UK’s 30-Year Fixed Mortgage Rate Jumps to 7%
Bank of England Hikes Repo Rate by 75bps — UK"s 30-Year Fixed Mortgage Rate Jumps to 7% On Nov. 3, 2022, the Bank of England followed the U.S. Federal Reserve by codifying the ei
Turner Wright8 hours agoBankruptcy judge signs off on order allowing Terraform Labs to subpoena FTX entitiesTerraform Labs claimed that the failures of its algorithmic stablecoin and governance token were the result of a
Binance exec denied bail in Nigeria money laundering trial
Amaka Nwaokocha11 hours agoBinance exec denied bail in Nigeria money laundering trialHead prosecutor Ekele Iheanacho objected to bail by highlighting Gambaryan’s questionable attempt to get a new passport, allegedly du
South Korea Elects Crypto-Friendly President Who Vows to Deregulate Digital Asset Industry
South Korea Elects Crypto-Friendly President Who Vows to Deregulate Digital Asset Industry South Korean voters have elected a crypto-friendly president. Yoon Suk-yeol of the conser
Crypto Is Driven by Extraordinary Consumer and Investor Demand, Says Australian Regulator
Crypto Is Driven by Extraordinary Consumer and Investor Demand, Says Australian Regulator The chairman of Australia’s Securities and Investments Commission (ASIC) says crypt
Bitcoin, Ethereum Technical Analysis: BTC Falls as Global Economic Slowdown Heightens
Bitcoin, Ethereum Technical Analysis: BTC Falls as Global Economic Slowdown Heightens Bitcoin was back in the red during Friday’s session, as the token was once again tradin
Fasttoken, Official Crypto of Fastex, to Launch to the Public on January 18
Fasttoken, Official Crypto of Fastex, to Launch to the Public on January 18 sponsored Developed by technology giant SoftConstruct, Fasttoken (FTN) is the official cryptocurrency in
Price analysis 5/15: BTC, ETH, BNB, SOL, XRP, TON, DOGE, ADA, AVAX, SHIB
Rakesh Upadhyay2 hours agoPrice analysis 5/15: BTC, ETH, BNB, SOL, XRP, TON, DOGE, ADA, AVAX, SHIBRisky assets, including Bitcoin and altcoins, received a boost following today"s CPI report.1352 Total views2 Total shares
Zhiyuan Sun8 hours agoTrader swaps 131K stablecoins for $0 during USDR depegAn attempt to withdraw USDR stablecoins amid a liquidity crunch appears to have gone horribly wrong.2153 Total views33 Total sharesListen to art
JPMorgan reports holding shares of several spot Bitcoin ETFs
Turner Wright2 hours agoJPMorgan reports holding shares of several spot Bitcoin ETFsThe largest bank in the U.S. with $2.6 trillion in assets reported to the SEC that it had purchased roughly $760,000 worth of shares of
Stock Exchange of Thailand to Launch Digital Asset Exchange ‘Very Soon’
Stock Exchange of Thailand to Launch Digital Asset Exchange "Very Soon" The Stock Exchange of Thailand is getting ready to launch a digital asset exchange. The president of the Tha