NEW YORK, May 6 ― Block Inc, the fintech firm led by Twitter co-founder Jack Dorsey, missed market estimates for first-quarter profit yesterday as demand for bitcoin weakened due to a decline in cryptocurrency prices.
Bitcoin ― the largest cryptocurrency ― has dropped 21 per cent so far this year because of the risk-off mood sparked by the Russia-Ukraine conflict and a more hawkish outlook for Federal Reserve policy tightening. Afterpay contributed US$92 million of gross profit in the period, which was recorded under the Square and Cash app units. That helped Cash App ― a service that lets individuals send payments including in bitcoin ― post a 26 per cent jump in gross profit.
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