Block Inc reported a rise in second-quarter revenue on Thursday as payment volumes at the fintech giant led by Jack Dorsey held up against a tough economic backdrop.
Block Inc logo is seen displayed in this illustration taken, April 10, 2023. REUTERS/Dado Ruvic/Illustrationreported a rise in second-quarter revenue on Thursday as payment volumes at the fintech giant led by Jack Dorsey held up against a tough economic backdrop.
The company reported net revenue of $5.53 billion in the three months ended June, compared with $4.4 billion a year ago. The fintech, which offers merchant payment services and an app that lets people trade cryptocurrency, said gross profit in the quarter rose 27% to come in at $1.87 billion. Cash App, the company’s mainstay online payments service, increased gross profit by 37% to $968 million, while its Square business reported gross profit of $888 million, up 18% from last year.
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