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- Block Inc.’s Bitcoin revenue grew by 9% to $2.6B for Q2 2024
- And total net revenue is 6.16B, an 11% rise compared to the same period in 2023
- This was fueled by Bitcoin’s 45% price increase in 2024, trading at an average price of $64,777
- Although Block experienced a loss of $70M as of June 30, 2024
Block Inc., led by Jack Dorsey, experienced a 9% growth in Bitcoin revenue for the second quarter of 2024, with total net revenue increasing by 11% compared to the same period in 2023.
How Good Is Block Inc.’s Performance?
In its earnings report for the second quarter of 2024, Block Inc. performed well, showing a 9% increase in Bitcoin revenue, which amounted to $2.61 billion.
Excluding Bitcoin revenue, Block’s revenue totaled $3.54 billion, up 13% year-over-year.
The company’s total net revenue reached $6.16 billion, showing an 11% growth compared to the same period in 2023.
What Drove Block Growth?
Block’s Cash App generated $4.13 billion in total revenue, of which $1.52 billion came from non-Bitcoin-related transactions.
Cash App’s Bitcoin-related gross profit was $67 million, reflecting a 52% increase over the previous year. This increase was driven by the rise in the average price of Bitcoin, which increased 45% over 2024 and was trading at $64,777 at the time of writing.
As of June 30, 2024, Block reported a loss of $70 million on its Bitcoin reserves. The company held about 8,211 BTC on its balance sheet, valued at $515 million, and acquired about 173 BTC during the quarter.
Conclusion
Looking back, Block’s plans announced in May to raise $2 billion by issuing senior unsecured notes – ended the quarter with $10.3 billion in available liquidity.
It also cheered shareholders with an attributable net income of $195 million, up from $102 million last year.
In terms of future plans, the proceeds from the bond issue will be used for debt repayment, acquisitions, strategic investments, capital expenditures, and working capital.
Overall, Block Inc. is showing healthy financial results, and can thank Jack Dorsey for that. Despite losses on Bitcoin reserves, it successfully raises capital, shows strong revenue and earnings growth, and is clearly investing in its future and promising strategies.
Disclaimer
The views and opinions expressed in this article are solely those of the authors and do not reflect the views of Bitcoin Insider. Every investment and trading move involves risk - this is especially true for cryptocurrencies given their volatility. We strongly advise our readers to conduct their own research when making a decision.