-0.04%
Shares in payment technology firm Block Inc. tumbled after hours despite its second-quarter results beating earnings expectations, including a 34% year-on-year increase in Bitcoin (BTC) revenue.
In a Q2 earnings call, Block reported a whopping $2.4 billion in Bitcoin sales on its Cash App platform, with gross profit from Bitcoin sales coming in at $44 million, a 7% increase from the same time last year.
Despite beating earnings expectations, Block’s share price fell 5.6% in after hours trading. Source: TradingViewBlock Inc. gross profits Q2 2023. Source: Block earnings
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