Jack Dorsey's fintech firm Block reported a 31% year-over-year decline in bitcoin ecosystem gross profit to $72 million in the second quarter, attributing it to a strategic decision to reduce Cash App transaction fees and a slowdown in bitcoin trading. Despite this, the company raised its full-year gross profit forecast to $12.51 billion. Block shares initially gained 4.5% after hours but reversed course, trading more than 2% lower at $84.20 following the earnings release.