Block plunges to loss as bitcoin boost fades

A representation of cryptocurrency Bitcoin is seen in this illustration taken August 6, 2021. REUTERS/Dado Ruvic

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May 5 (Reuters) – Block Inc (SQ.N), the payments company led by Jack Dorsey, on Thursday reported a loss for the first quarter as demand for bitcoin softened due to a decline in cryptocurrency prices.

Bitcoin revenue more than halved in the first three months of 2022 as the euphoria around the biggest digital currency subsided after last year’s frenetic rally, which was fueled by growing mainstream acceptance of the cryptocurrency and favorable tweets from Elon Musk.

Net loss attributable to common stockholders came in at $204.2 million, or 38 cents per share, compared with a profit of $39 million, or 8 cents per share, a year earlier.

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Reporting by Manya Saini and Niket Nishant in Bengaluru; Editing by Aditya Soni

Our Standards: The Thomson Reuters Trust Principles.

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