- Cash App Sold $2.2 Billion in Bitcoins
- It brought Jack Dorsey $ 50 million in revenue
- In general, Block increased revenues
Fintech firm Block introduced 1st quarter earnings report. Here we see the brilliant results of the Cash App division. Bitcoin trading brought them $2.16 billion in revenue. This is 18% more compared to the previous quarter ($1.83 billion). And 25% higher than in the first quarter of 2022.
Overall, Cash App earned $50 million in gross profit in Q1, up 43% from previous results. Also, these figures are 16% more than in the same period last year.
Jack Dorsey’s Block company reported $770 million in gross profit (meaning the total revenue from all divisions). That is, profit grew by 16% compared to the same period in 2022.
Last quarter, Block recorded a $9 million impairment on investments (and a $47 million impairment for all of 2022). This quarter, they got out of the “minuses” thanks to the growth in the BTC rate.
As of March 31, Dorsey owns $229 million worth of bitcoins. The original purchase price for them is $220 million.
Block generated $5 billion in revenue in the first quarter. This is significantly higher than the initial forecasts of analysts ($390 million). Shareholders also received a good profit – their income per share amounted to $0.4 (instead of the projected $0.36). After the successful report, Block’s shares rose another 2.4% in premarket trading.