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

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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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