Block Inc., a payments company founded by Twitter co-founder Jack Dorsey, reported a 27% year-over-year increase in gross profit, reaching $1.87 billion in its second quarter 2023 results. The company's Q2 net revenue of $5.5 billion saw $2.4 billion coming from Bitcoin, which is a 34% increase in Bitcoin revenue compared to the same period in 2022. Block's Cash App business Bitcoin revenue stood at $1.16 billion, a 39% increase compared to the same period in 2022. The company's commitment to Bitcoin adoption is reflected in its popular mobile app, Cash App, which installed the Bitcoin "second-layer solution" the Lightning Network last year.
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Block Inc. Reports $2.4 Billion in Bitcoin Revenue for Q2 2023, a 34% YoY Increase
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