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.
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.