Block Inc.'s Q2 financial report exceeded expectations, with a 31% decrease in gross profit from its Bitcoin business

According to Bloomberg, Block Inc.'s second quarter revenue and profit both exceeded expectations and raised its full year profit guidance. The company expects a gross profit of $12.5 billion, adjusted operating income of $3.5 billion, and adjusted diluted earnings per share of $4.02 for 2026. Square and Cash App businesses have grown, and AI tools have increased the code modification volume for each engineer by 150%. The company's stock price has risen by about 3% after hours. Affected by the low price of Bitcoin and reduced transaction costs, the gross profit of Bitcoin business decreased by 31%.