September 27, 2022

Block received $ 1.73 billion from the sale of bitcoin in the quarter

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In the first quarter of 2022, Block (formerly Square) generated $1.73 billion in bitcoin sales through the Cash App, generating a gross profit of $43 million for the payment company.

According to the letter to shareholders, compared to the same period in 2021, the figures fell by 51% and 42%, respectively.

The results are broadly in line with those in the fourth quarter, the company added. In the last three months of 2021, the firm generated $1.96 billion in digital gold sales for a profit of $46 million.

Block’s combined revenue for the first quarter was $3.96 billion. The firm recorded a net loss of $204 million, although it posted a gross profit of $1.29 billion.

In January, the company completed the acquisition of Australian installment service Afterpay. During the reporting period, the platform brought Block $65 million in revenue and $46 million in profit.

Against the backdrop of the publication of financial results, the company’s shares in the premarket rose by almost 7%. However, papers are trading at levels that are almost three times lower than the maximum over the past 12 months.

Recall that in April, the Cash App introduced the function of automatically converting part of direct deposits into bitcoin.

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