Latest news with #BlockInc
Yahoo
3 days ago
- Business
- Yahoo
Jack Dorsey's Block Adds 108 Bitcoin in Q2, Posts Higher Revenue and Profit
Jack Dorsey's Block Inc. continued its bitcoin accumulation strategy in the second quarter, adding 108 BTC to bring its total corporate treasury holdings to 8,692 BTC. The company reported total revenue of $6.05 billion in Q2, a 1.5% rise from $5.96 billion in Q1, while gross profit rose 8.2% to $2.54 billion from $2.33 billion, according to the company's latest 10-Q form submitted to the U.S. Securities and Exchange Commission. Of the total revenue, $2.14 billion came from Bitcoin sales via Cash App, generating a gross profit of $66 million from the world's largest crypto. The Bitcoin purchase, with a cost basis of $11 million, continues the company's steady accumulation strategy and brings the total Bitcoin investment to $1.15 billion at current market prices near $117,000, as per CoinGecko. Block recognized a $212.2 million gain from the remeasurement of its bitcoin investment during the quarter, compared to a $70.1 million loss in the same period last year, according to the filing. Goodbye Satoshi? Why Jack Dorsey Wants a Bitcoin Rebrand Accumulation strategy The Q2 purchase continues a pattern of steady bitcoin buying that has characterized Block's approach under CEO Jack Dorsey. "While MicroStrategy's strategy is a high-conviction model for a bitcoin-first company, Block's measured approach is a far more sustainable and realistic blueprint for mainstream corporate adoption," Charmaine Tam, head of OTC trading at Hex Trust, told Decrypt. The company had accumulated approximately 207 BTC in Q1, with a combined cost basis of $20.6 million for both quarters. Bitcoin Advances After Trump Taps Bitcoin-Friendly Economist for Fed Role Block has integrated crypto across multiple business lines, including plans to enable bitcoin payments through its Square merchant network and development of bitcoin mining hardware through its Proto division. Tam said Block's incremental accumulation alongside its operational business demonstrates "how a company can prudently integrate the asset into its treasury without taking on the same level of capital risk." Block shares jumped 6% in after-hours trading following the report's release. The fintech company was added to the S&P 500 index last month. 'While treasury adoption is a valuable first step, creating tangible utility through real-world products is the most powerful and sustainable driver of long-term success for the ecosystem,' Tam added. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
The Star
4 days ago
- Business
- The Star
Block raises annual profit forecast on resilient consumer spending; shares jump
Block Inc logo is seen displayed in this illustration taken, April 10, 2023. REUTERS/Dado Ruvic/Illustration/File Photo (Reuters) -Block reported a rise in second-quarter income and raised its expectations for annual gross profit on Thursday, as the payments firm was helped by resilient consumer spending, lifting its shares 12% higher in extended trading. Businesses and individuals have continued to spend on essential products, even as they have cut back on discretionary expenses amid macroeconomic uncertainty. The Jack Dorsey-led firm now expects 2025 gross profit of $10.17 billion, up from the $9.96 billion it forecast earlier. Its Cash App, which enables peer-to-peer mobile payments, reported a gross profit growth of about 16% in the second quarter ended June 30. This was slower than the 23% growth it reported in the year-ago period. Block's Square segment — which provides payments solutions to small and medium-sized businesses - reported a 11% rise in gross profit from the year-ago period. This was driven primarily by the company's software and integrated payments and banking products, as it continued to move upmarket and expand market share in target verticals, Block said. The company also allows its users to buy and sell bitcoin, the transaction fees of which directly affects its profit. Bitcoin revenue fell to $2.14 billion in the quarter ended June 30, from $2.61 billion in the year earlier. The crypto industry rebounded, and bitcoin touched several record highs, in the quarter as users got more regulatory certainty over their holdings through bills like Genius Act and Clarity Act. This led to investors holding on to their digital assets in hopes of higher returns, and in turn, hurting the buying-selling volume. Market volatility usually pushes trade volumes up. On an adjusted basis, the company reported net profit of $385 million, or 62 cents per share, in the second quarter, compared with $301 million, or 47 cents per share, in the year-ago period. Shares of Block have lost nearly 10% in 2025 due to market volatility and a profit forecast cut, significantly underperforming the broader market. (Reporting by Pritam Biswas and Ateev Bhandari in Bengaluru; Editing by Leroy Leo)
Bloomberg
4 days ago
- Business
- Bloomberg
Jack Dorsey's Block Lifts Forecast on Cash App Lending Strength
Jack Dorsey's Block Inc. raised its full-year profit guidance after second-quarter earnings came in well ahead of Wall Street expectations, fueled by strength in its Cash App lending business and resilient payment volumes. The Oakland-based company now expects to generate $10.17 billion in gross profit this year, up from a prior forecast of $9.96 billion. Shares of Block rose about 8% in after-hours trading in New York.
Wall Street Journal
4 days ago
- Business
- Wall Street Journal
Block Raises 2025 Outlook as Gross Profit Improves
Block Inc. XYZ 0.95%increase; green up pointing triangle raised its full-year outlook in a turnaround from its prior quarter, sending shares up. The company behind payment systems Cash App and Square on Thursday raised its outlook for gross profit and adjusted operating income. It sees full-year gross profit, a key indicator for Block, increasing 14.4%, up from previous guidance of 12% growth. The company expects borrowing will be the most meaningful contributor to growth acceleration in the second half of the year.
Yahoo
4 days ago
- Business
- Yahoo
Block: Q2 Earnings Snapshot
OAKLAND, Calif. (AP) — OAKLAND, Calif. (AP) — Block, Inc. (XYZ) on Thursday reported second-quarter net income of $538.5 million. The Oakland, California-based company said it had profit of 87 cents per share. Earnings, adjusted for one-time gains and costs, were 62 cents per share. The results exceeded Wall Street expectations. The average estimate of 10 analysts surveyed by Zacks Investment Research was for earnings of 60 cents per share. The mobile payments services provider posted revenue of $6.05 billion in the period, missing Street forecasts. Nine analysts surveyed by Zacks expected $6.32 billion. _____ This story was generated by Automated Insights ( using data from Zacks Investment Research. Access a Zacks stock report on XYZ at Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
