Earnings and revenue fell from a year earlier, but they beat estimates.
Revenue: $4.40B v $4.33B Expected
EPS: $0.18 v $0.18 Expected
Bitcoin revenue from its Cash App product fell 34% to $1.79 billion. The company took a $36 million charge on its bitcoin investments.
Block on the decline of crypto business: “driven primarily by a decline in consumer demand and the price of bitcoin, related in part to broader uncertainty around crypto assets, which more than offset the benefit of volatility in the price of bitcoin during the quarter.”
Leave a Reply