TechFlow News — Block, the payments company led by Jack Dorsey, released its second-quarter 2024 financial results. The report showed that the company's Bitcoin revenue rose 9% year-over-year to $2.61 billion. Total net revenue reached $6.16 billion, an 11% increase from the prior year. Excluding Bitcoin revenue, revenue was $3.54 billion, up 13% year-over-year.
Cash App generated $4.13 billion in revenue, with Bitcoin transaction gross profit amounting to $67 million, a 52% year-over-year increase.
As of June 30, 2024, Block held approximately 8,211 BTC as investment assets, with a fair value of $515 million. The company’s total gross profit for Q2 increased 20% year-over-year to $2.23 billion.
Net income attributable to common shareholders was $195 million, nearly doubling compared to $102 million in the same period last year.
Block stated that as of the end of the second quarter, it had $10.3 billion in available liquidity, including $2 billion raised through senior unsecured notes announced in May.
