Comparing Jack Dorsey's Block vs. Elon Musk's PayPal For Q2 2023
Jack Dorsey’s Block has reported a gross profit of $1.87 billion for Q2 2023. The figure represented a 27% increase in revenue year-over-year. Moreover, Block reported that out of the total $5.5 billion revenue in Q2, $2.4 billion came from Bitcoin (BTC). In a letter to shareholders, the company stated that “We delivered strong growth and profitability at scale during the second quarter of 2023.” Also Read: Coinbase & Cash App to Integrate Jack Dorsey’s Bitcoin Self-Custody Wallet Block ’s Cash App boosted gross profit by 37% to $968 million. Meanwhile, Square saw a gross profit of $888 million, marking an 18% increase from the previous year. Block ’s stock earned 39 cents on an adjusted basis in Q2. The figure surpassed analysts’ estimates of 36 cents, as per Refinitiv IBES data. How did Pay Pal perform in Q2? Source: Unsplash On the other hand, Block competitor, Pay Pal, reported disappointing results for Q2, leading to a 7% dip in ...