Dorsey-led Block posts quarterly loss on bitcoin slump; shares drop

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Reuters UK

(Reuters) -Jack Dorsey-led Block Inc on Thursday reported a loss for the second quarter as a bruising selloff in cryptocurrency markets hurt the fintech company’s earnings from bitcoin trades on its platform. Shares of Block, formerly called Square, fell nearly 6% after market hours. Bitcoin prices slumped about 36% in the quarter, under pressure from regulatory hurdles, rising interest rates and the Ukraine crisis that have walloped investor appetite for riskier assets. That sent Block’s bitcoin revenue down 34% to $1.79 billion. Total revenue fell 6% to $4.4 billion. Net loss attributable to…

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