Block Inc. reported a gross profit of 2.54 billion USD in Q2, a growth of 14% compared to the same period last year.
The company also raised its gross profit forecast for 2025 to 10.17 billion USD, despite incurring a Bitcoin revaluation loss of 212.17 million USD in the quarter.
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Block's Q2 gross profit reached 2.54 billion USD, up 14% from last year.
The gross profit forecast for 2025 has been raised from 9.96 billion USD to 10.17 billion USD.
Block incurred a Bitcoin revaluation loss of 212.17 million USD in Q2, contrasting with a profit of 70.12 million USD in the same period last year.
How did Block Inc. perform financially in Q2?
Block Inc. reported a gross profit of 2.54 billion USD in Q2, an increase of 14% compared to Q2 of last year, demonstrating the company's sustainable growth.
This result reflects the effectiveness of diverse business operations, in line with the development strategy and expansion of products and services related to cryptocurrency and digital payments. The increase in gross profit is a positive signal for investors and the financial market.
Maintaining a 14% growth in the context of a volatile cryptocurrency market has proven the professional financial management capabilities of the company's leadership.
Why did Block raise its gross profit forecast for 2025?
In a letter to shareholders, Block revised its gross profit target for 2025 from 9.96 billion USD to 10.17 billion USD based on positive operating indicators and favorable market forecasts.
The forecast upgrade reflects confidence in business expansion capabilities and the implementation of set plans. This is the basis for shareholders to feel secure about the long-term growth potential and the group's commitment to sustainable development.
This forecast adjustment reflects a realistic assessment of the macroeconomic context and the development trends of the digital finance and cryptocurrency sectors.
How does the Bitcoin revaluation loss affect the financial report?
Block recorded a Bitcoin revaluation loss of 212.17 million USD in Q2, instead of a profit of 70.12 million USD in the same period last year, due to the decrease in the market value of Bitcoin.
This loss reflects the volatility in the value of Bitcoin held by the company at the time of reporting, affecting net profit but not impacting core operating cash flow.
Despite the revaluation loss, Block continues to increase its Bitcoin holdings to 8,692 coins, demonstrating long-term confidence in the potential of this cryptocurrency.
Block Inc. has added 108 Bitcoin to its investment portfolio in Q2, bringing the total to 8,692 Bitcoin, marking a strong commitment to its cryptocurrency investment strategy.
Excerpt from the Q2 2024 financial report
Frequently Asked Questions
How much Bitcoin is Block Inc. currently investing?
Block Inc. now holds a total of 8,692 Bitcoin after adding 108 Bitcoin in Q2 2024.
Did Block's Q2 gross profit grow?
Yes, Block's gross profit grew by 14% compared to the same period last year, reaching 2.54 billion USD.
Did Block incur any losses in the Q2 financial report?
Yes, Block recorded a Bitcoin revaluation loss of 212.17 million USD due to the decrease in Bitcoin's market value.
Why did Block raise its gross profit forecast for 2025?
Due to good business performance and favorable market expectations, the company has raised its gross profit forecast for 2025 to 10.17 billion USD.
How does the Bitcoin loss affect Block's cash flow?
The revaluation loss does not directly affect the liquidity cash flow and the company's core business operations.
Source: https://tintucbitcoin.com/block-inc-lai-gop-quy-2-tang-14/
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