Block posts 34% increase in Bitcoin revenue in Q2 but shares stumble

Shares in payment technology firm Block Inc. tumbled after hours despite its second-quarter results beating earnings expectations, including a 34% year-on-year increase in Bitcoin (

Overall, Block Inc. reported a gross profit of $1.87 billion — a 27% increase year over year — while Cash App continued to show strength with $968 million in gross profits, up 37% on the year.