Block Inc, the payments business run by Jack Dorsey, revealed a loss for the first quarter on Thursday, as demand for bitcoin slowed and cryptocurrency prices fell.
Bitcoin income more than halved in the first three months of 2022, as the enthusiasm surrounding the largest digital currency waned after last year’s breakneck surge, which was spurred by rising popular acceptance and positive tweets from Elon Musk. The company reported a net loss of $204.2 million, or 38 cents per share, compared to a profit of $39 million, or 8 cents per share, a year earlier.
News Summary:
- As the bitcoin spike disappears, the block falls to a loss
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