NEW YORK (Reuters) -Block Inc reported a rise in second-quarter revenue on Thursday as payment volumes at the fintech giant led by Jack Dorsey held up against a tough economic backdrop.
The company reported net revenue of $5.53 billion in the three months ended June, compared with $4.4 billion a year ago.
The fintech, which offers merchant payment services and an app that lets people trade cryptocurrency, said gross profit in the quarter rose 27% to come in at $1.87 billion.
Cash App, the company’s mainstay online payments service, increased gross profit by 37% to $968 million, while its Square business reported gross profit of $888 million, up 18% from last year.
(Reporting by Nupur Anand in New York; editing by Jonathan Oatis and Susan Heavey)
