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Briefing
Crypto

Block Shares Fall After Revenue Sinks and Cash Flow Turns Negative

By Akash Pasricha
· · Source: The Information

Block, the payments processing company formerly known as Square, said revenues fell compared to one year ago, as consumer demand for bitcoin transactions ebbed. The company posted a net loss for the quarter and had negative cash flow from operations. The stock fell 7% after hours. Revenues fell 5.9% year over year to $4.4 billion, driven by a decline in bitcoin revenues, which fell 34%. Last...

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