Even while crypto ‘bled red’ during the recent bear market, some big firms had managed to keep afloat as Block was recently ranked among the highest ‘Fortune 500’ gainers. The crypto firm Block ranked at 208, which was previously at 115.
With the new ranking, Block is the 14th highest gainer in the Fortune 500 list. Note that Block had also recorded a year-over-year profit of $1.47 billion in Q2 and revenue of $4.4 billion.
It is also worth mentioning that during the reviewing period, Block witnessed a negative profit change of 22% while its revenue surged by 86%.
The profit dive can also be attributed to a market correction (market decline of more than 10% but less than 20%) in Bitcoin’s value in the first half of 2022 as Block partly yields earnings from Bitcoin’s gross profit.
During the second quarter of this year, Block saw a $36 million Bitcoin impairment loss. The drop was tied to “broader uncertainty around crypto assets”.
The company reported that the ‘year-over-year decrease in Bitcoin revenue’ and ‘gross profit’ was primarily driven by a decline in customer demand and the price of Bitcoin.
The decline in demand was partially reported to be linked to doubts and uncertainties around crypto assets, which in turn, ‘more than offset the benefit of volatility in the price of Bitcoin during the quarter’.
The ‘Fortune 500’ list ranks the top U.S. firms by total revenue for their fiscal years.
