As Bitcoin Rise Fades, Block Misses Profit Projections

As Bitcoin Rise Fades, Block Misses Profit Projections

Overall, Block’s revenue fell 22% to $3.96 billion in the three months ended March 31. The company earned an adjusted profit of 18 cents per share, falling short of analysts’ estimates of 21 cents, according to IBES data from Refinitiv. But in a bright spot, the company’s Cash App – which lets individuals send payments including in bitcoin – posted a 26% jump in gross profit.

On Thursday, Block Inc, the fintech company led by Twitter founder Jack Dorsey, missed market expectations for first-quarter profit as demand for bitcoin slowed owing to a drop in cryptocurrency prices. After a rapid price increase last year spurred by rising public acceptance of digital currencies, the company’s bitcoin income more than halved in the quarter to $1.73 billion, owing to a dip in interest from regular traders. Bitcoin, the most popular cryptocurrency, has plummeted 21% this year as investors leave risky assets owing to the Russia-Ukraine war and a more hawkish Federal Reserve policy tightening forecast.

The strong performance was underpinned by higher use of its Cash Card as consumers spent heavily on travel and dining out after two years of the pandemic despite pressure from inflation. Shares of the company were 10% higher in extended trading. Peers American Express Co and Mastercard Inc have posted strong results this quarter on the back of strong consumer spending.

Disclaimer: If you need to edit or update this news from compsmag then kindly contact us Learn more

For Latest News Follow us on Google News


Latest Headlines
  • Show all
  • Trending News
  • Popular By week
Fortis Healthcare fourth quarter net profit increased by 40% to Rs 87 crore
Fortis Healthcare fourth quarter net profit increased by 40% to Rs 87 crore
Total expenses in the fourth quarter were higher at Rs 1,264.17 crore as compared to Rs 1,167.29 crore in the corresponding period a year ago. Fortis said it ...
Jurassic World Primal Ops, a free-to-play game, is coming to Android and iOS soon
Jurassic World Primal Ops, a free-to-play game, is coming to Android and iOS soon
In Jurassic World Primal Ops, the return of dinosaurs has become as normal as any other animal. Much like the real world, unfortunately, that also brings out ...
The Quarry, a narrative horror game, will not have online multiplayer when it launches
The Quarry, a narrative horror game, will not have online multiplayer when it launches
The game’s online features will be patched in a few weeks later on 8th July, so thankfully it’s not too big a wait. Ideally it’d be there at launch, but if ...
Final Hour is now available in open beta for Android in Brazil and Indonesia
Final Hour is now available in open beta for Android in Brazil and Indonesia
The battleground is set in a colorful cityscape with hospitals, shopping malls, and even an amusement park to create a genuine post-apocalyptic environment. ...
Russian central bank cuts base rate, sees room to cut further
US weekly jobless claims fall; Economic contraction confirmed in the first quarter
The decline partially unwound some of the prior week’s surge, which had pushed claims to their highest level since January. The quantity of Americans filing ...
According to the head of the International Zinc Association, zinc-air batteries are a realistic and cost-effective way to store renewable energy.
According to the head of the International Zinc Association, zinc-air batteries are a realistic and cost-effective way to store renewable energy.
Observing that almost all companies across the globe are looking to renewable energy solutions for their sustainability goals, Misra on Thursday said one of ...
As part of a charitable project, Worcester graduates will receive laptops
As part of a charitable project, Worcester graduates will receive laptops
The Worcester Educational Development Foundation raised roughly $50,000 for the initiative, with priority given to economically disadvantaged students who ...
The PC version of Hatsune Miku: Project Diva Mega Mix is now available
The PC version of Hatsune Miku: Project Diva Mega Mix is now available
The game has 170 songs, which includes songs from the series’ history as well as new songs. In addition to a standard edition, the PC version has a VIP ...
A dazzling player offering the best gaming experience for endless entertainment
A dazzling player offering the best gaming experience for endless entertainment
TECNO draws inspiration from the latest trends in design and culture for the design language of the POVA 3. The POVA 3 is embellished with power light – a ...
Google's 'Pixel Fold' Has Been Delayed Again, With Apple Aiming 2025 For A Foldable iPhone
Google’s ‘Pixel Fold’ Has Been Delayed Again, With Apple Aiming 2025 For A Foldable iPhone
The report didn’t say when the foldable Pixel was now expected to launch, but well-connected Display Supply Chain Consultants (DSCC) analyst Ross Young ...
Show next
We will be happy to hear your thoughts

Leave a reply

Compsmag - Latest News In Tech and Business
Logo