PANews reported on August 2 that according to Cointelegraph, Jack Dorsey's payment company Block released its second quarter 2024 financial report showing that the company's net income in the second quarter was $6.16 billion, a year-on-year increase of 11%. Among them, Bitcoin revenue exceeded $2.61 billion, a year-on-year increase of 9%. The total gross profit was $2.23 billion, a year-on-year increase of 20%. Net profit attributable to common shareholders was $195 million, up from $102 million last year.
Block's Cash App had revenue of $4.13 billion in the second quarter. Revenue excluding Bitcoin trading gains was $1.52 billion. Bitcoin gross profit was $67 million, up 52% year-on-year. Block said the increase in Bitcoin gross profit was mainly driven by the increase in the average price of Bitcoin. In addition, Block also updated its Bitcoin reserve status, saying that its Bitcoin holdings had a floating loss of $70 million. As of June 30, 2024, Block held approximately 8,211 bitcoins on its balance sheet for investment purposes, with a fair value of $515 million. The company purchased approximately 173 bitcoins in the past quarter.
