Block reports $5.5B revenue in Q2 2023 with Bitcoin business

With the latest financial report, Jack Dorsey showed that Bitcoin has huge potential for the business to generate revenue.

Block Inc. is an American multinational technology conglomerate. In 2009, this company was founded by Twitter founder & former CEO Jack Dorsey and Jim McKelvey. In Nov 2015, Block went public on the New York Stock Exchange under the Index SQ, as its was founded with name Square Inc but later rebranded to Block in order to show that company’s goals focussed toward blockchain technology. This company provides Bitcoin buy & payment services via CashApp.

Just a couple of days ago, Block announced its Q2 2023 earnings report and confirmed that the company generated $5.5 billion in revenue overall.

$2.4 billion only came from the Bitcoin sales business. Company’s CashApp payment service also played a vital role in generating revenue for the company. CashApp generated a $970 million gross profit for the company. 

The overall financial report showed that the Bitcoin & Blockchain sector-inclined public company successfully achieved a 37% increase in its performance year over year. 

To focus on the Bitcoin & blockchain business model, Jack Dorsey left the Twitter CEO position in Nov 2021, so that he can give sufficient time for his Block firm.

At the time, Dorsey said that people don’t need to work on new cryptocurrencies or new blockchain networks because the Bitcoin blockchain is better & more useful.

He also said that he will make Bitcoin more accessible via his product & services and also will make Bitcoin mining easier for people, as it is a very tedious task for people to set up mining rigs with the internet, computer, mining pool, etc. 

It was only Dorsey, who brought the Bitcoin tipping feature in the Twitter app for the content creators. 

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