Block Inc. reported a 6% decrease in its second-quarter 2022 net revenues compared with last year, driven by a decline in bitcoin revenues.
The company’s total net revenue in the second quarter was $4.4 billion. Without the impact of bitcoin, the company’s total net revenues were up 34% to $2.62 billion, it said in a letter to shareholders released before its earnings call.
The parent company of the Cash App and Square reported a net loss of $208 million in the quarter, which takes into account a $36 million impairment loss related to bitcoin, a $57 million amortization charge and $17 million related to “deal and integration-related expenses.” The company’s quarterly net loss is $98 million when excluding these factors.
Block, Inc’s second-quarter gross profit was up 29% year-over-year to $1.47 billion, which includes a $755 million gross profit for Square and $705 million related to the Cash App. The company reported $1.79 billion in bitcoin revenue in the second quarter from Cash App, down 34% year-over-year. The app’s bitcoin gross profit was $41 million, down 24% from the same three-month period a year earlier.
The company’s executives will further discuss the company’s second-quarter results during a webcast today at 5:00 p.m. EST.
© 2022 The Block Crypto, Inc. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
Kristin Majcher is a senior correspondent at The Block, based in Colombia. She covers the Latin America market. Before joining, she worked as a freelancer with bylines in Fortune, Condé Nast Traveler and MIT Technology Review among other publications.