Block Inc. Reports Strong Q2 Earnings Growth

Jack Dorsey's Block Inc. reported a 14% year-on-year increase in income for the second quarter, prompting a 6% rise in its shares during after-hours trading on Thursday. In its latest earnings report, Block revealed a gross profit of $2.54 billion for Q2 2023. The company has also raised its gross profit forecast for 2025 to $10.17 billion, up from a previous estimate of $9.96 billion. The company reported $538.46 million in net income for common stockholders, a notable increase from $195.27 million in Q2 of the previous year. Block, formerly known as Square, operates across several sectors in the cryptocurrency ecosystem and maintains bitcoin investments to support customer transactions. In the second quarter, Block added 108 BTC, bringing its total holdings to 8,692 BTC by the end of June. However, the company recorded a remeasurement loss of $212.17 million on its bitcoin investment this quarter, contrasting sharply with a $70.12 million gain in the same quarter last year, reflecting a decrease in the fair value of its holdings. Block's stock, traded under the ticker XYZ, closed up 0.95% on Thursday and surged an additional 6.15% in after-hours trading, according to Yahoo Finance data. Disclaimer: The Block is an independent media outlet. As of November 2023, Foresight Ventures is a majority investor, supporting independent reporting on the crypto industry.