Block, a fintech firm, belonging to Jack Dorsey, founder, Twitter, has clocked a Bitcoin revenue worth $2.16 billion through its product Cash App in Q1, as stated by Cointelegraph.
According to Cointelegraph, insights from a share letter stated Block’s Q1, 2023 earnings witnessed an 18% rise from $1.83 billion in Q4 and 25% from Q1, 2022. It’s believed that Cash App’s total profits reached more than $931 billion during Q1, 2023, which showed a 49% rise year-over-year.
Based on Cointelegraph’s information, Block recorded a gross profit worth $1.71 billion. Block is also the holder of Square, a business payment service, which recorded a 3.8% fall in Q4, 2022. Insights from the shareholder letter mentioned that the multi-billion dollar revenues were backed by “an increase in the quantity of Bitcoin sold to customers,” and were “partially offset” by fall in Bitcoin’s price, with regard to 2022.
Moreover, Cointelegraph noted that Block recorded an earning worth 40 cents per share, with its Q1 revenue amplifying 26% year-on-year. Dorsey spoke on both artificial intelligence (AI) and “open protocols” as technologies that could aid in “significant shifts” in global financial markets.
(With insights from Cointelegraph)