CoinVoice recently learned that on August 4, Block Inc., a payment company founded by Twitter co-founder Jack Dorsey, announced in its second quarter 2023 financial report that its gross profit reached $1.87 billion, a year-on-year increase of 27%. Of its total net income of $5.5 billion, $2.4 billion came from Bitcoin.

The company, formerly known as Square, saw a 34% increase in Bitcoin revenue, which refers to the total sales of the cryptocurrency to customers, compared to the same period in 2022. Block's Cash App business saw Bitcoin revenue of $1.16 billion, up 39% from the same period in 2022. The company said this portion of revenue would have contributed more to its bottom line if not for the price drop.

Additionally, the company recorded no impairment losses on its bitcoin holdings for the three and six months ended June 30, 2023, which now total $245 million. [Original link]