Jack Dorsey’s Block Posts $1.3B in Profits in Q1. BTC Trading Revenue Falls


Block, the parent company of Square, Cash App and Afterpay continued its growth trajectory in 2022 after reporting Q1 gross profits that jumped 34% year over year.

Source: Block.

SQ up +9.19%, BTCUSD up +5.95%

The group generated $1.29 billion in gross profits. Meanwhile, operating costs rose to $1.52 billion in Q1 of 2022, a 70% surge year over year.

Block’s net revenues rose to reach $3.96 billion from January to March 222, a 22% decline compared to 2022 due to a decline in Bitcoin revenue to just $43M.

Cash App, Block’s Bitcoin retail outlets and a mobile payment service continued to sell Satoshis, but the figures are less promising than the prior quarter.

On a positive note, the increase in non-Bitcoin revenues in the quarter boosted the company’s overall earnings.


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