Cathie Wood's subsidiary, Ark Invest, continued to increase its holdings after releasing its second-quarter results on Block. The scale of this purchase was approximately 37 million US dollars. Block was co-founded by Jack Dorsey and covers merchant payment platforms, Square, financial applications, as well as Bitcoin mining machine research and development.
Increase positions after the financial report is released
This increase in holdings occurred after Block disclosed its latest quarterly results. The financial report shows that the company's gross profit for the second quarter was $3.17 billion, a 25% increase compared to the same period last year.
Block also raised its gross profit forecast for 2026 to $12.51 billion. According to the company's figures, this represents an annual growth rate of about 21%.
Profits continued to improve in the second quarter.
In addition to gross profit, Block also recorded $447 million in operating revenue for the quarter, as well as $864 million in adjusted operating revenue. The latest data indicates that the company, which is advancing both its payment and Bitcoin businesses in parallel, continues to see improvements in its profitability.
- Second-quarter gross profit: $3.17 billion
- Revenue: $447 million
- Adjusted operating revenue: $864 million
AI is used in code development.
Block also mentioned in the financial report that artificial intelligence has been used to assist in writing and reviewing code. The company stated that in June, almost all code changes in the production environment were completed with the assistance of AI.
This statement indicates that AI has begun to delve deeper into the internal R&D processes of Block, and has also become part of the company's efforts to improve development efficiency.
Previously, there were significant layoffs.
Prior to this performance, Block underwent a reorganization in February of this year. Following the reorganization, the total number of employees decreased from over 10,000 to less than 6,000, representing a layoff rate of over 40%.
This means that the latest improvement in performance occurred after the company significantly reduced its workforce. For the market, Ark Invest's continued increase in holdings at this time also draws more attention to Block's subsequent performance in the three business areas of payments, Bitcoin, and AI.
