{"id":427456,"date":"2023-08-07T14:31:42","date_gmt":"2023-08-07T14:31:42","guid":{"rendered":"https:\/\/insidebitcoins.com\/?p=427456"},"modified":"2023-08-07T14:31:42","modified_gmt":"2023-08-07T14:31:42","slug":"crypto-firms-report-profits-exceeding-q2-expectations","status":"publish","type":"post","link":"https:\/\/insidebitcoins.com\/news\/crypto-firms-report-profits-exceeding-q2-expectations","title":{"rendered":"Crypto Firms Report Profits Exceeding Q2 Expectations"},"content":{"rendered":"

Recent quarterly earnings reports from several publicly traded crypto-related companies showed higher sales and a rise in profitability in Q2 2023.<\/p>\n

As the market emerged beyond the crypto winter, the businesses profited from increased market prices and a steady drop in bearish momentum.<\/p>\n

Block Records 27% Year-on-Year Increase<\/h2>\n

Payments technology provider Block Inc. released second quarter 2023 earnings with a gross profit of $1.87 billion, a 27% year-over-year gain.<\/p>\n

The firm has shared that Bitcoin accounted for $2.4 billion of its overall $5.5 billion Q2 net sales. The revenue comes from Block’s Cash App, a mobile application for crypto transactions.<\/p>\n

\"block<\/p>\n

“The year-over-year increase in Bitcoin revenue and gross profit was driven by an increase in the quantity of Bitcoin sold to customers, partially offset by a decrease in the average market price of Bitcoin compared to the prior-year period,” the company mentioned in a statement<\/a> to investors.<\/p>\n

The company, owned by former Twitter CEO Jack Dorsey, reported a 34% growth in Bitcoin income compared to the $1.8 billion reported in Q2 last year.<\/p>\n

Block also revealed that no Bitcoin impairment loss had been recorded in the duration.<\/p>\n

Coinbase Outperforms Analysts’ Forecasts<\/h2>\n

On August 3, the first American cryptocurrency exchange to go public, released its quarterly earnings report, exceeding initial projections to declare $663 million in net income.<\/p>\n

Analysts had predicted a loss of $0.76 on $634 million in revenue, but Coinbase instead revealed a loss of $0.42 per share on $708 million in revenue.<\/p>\n

“One year ago, in Q2 2022, we started reducing our expense base to operate more efficiently. One year later, we’re proud to say that our quarterly recurring operating expenses have dropped nearly 50% Y\/Y,” the company’s Q2 2023 letter<\/a> to shareholders reads.<\/p>\n

\n

$COIN<\/a> Coinbase moving higher after Q2 earnings surprise to the upside! 🪙<\/p>\n

~EPS: $(0.42) vs $(0.78) est
~SALES: $707.91M vs $643.36M esthttps:\/\/t.co\/1t8PcL8IY1<\/a><\/p>\n

— TrendSpider (@TrendSpider) August 3, 2023<\/a><\/p><\/blockquote>\n