Jack Dorsey’s payments company Block beat Wall Street expectations on the top line but missed on earnings. Block reported $1.83 billion in Bitcoin revenue from its Cash App business unit in the previous quarter, down 7% from the same time in 2021.

JJack Dorsey’s payments company Block beat Wall Street expectations on the top line but missed on earnings. Block reported $1.83 billion in Bitcoin revenue from its Cash App business unit in the previous quarter, down 7% from the same time in 2021. \n \n Specifically, the firm’s Cash App business Bitcoin revenue amounted to $35 million, a 25% drop compared to the same period in 2021. Block, formerly known as Square, is a payments company founded by Twitter co-founder Jack Dorsey that aims to serve small and medium businesses. Cash App—the popular mobile payment service developed by Block—has become a highly popular vehicle for buying and selling Bitcoin. For the full year of 2022, Block posted $1.66 billion in gross profit.