Jack Dorsey’s Block hits $1.3B in Q1 profits, $43M in BTC trading revenue
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Despite the fact that the Bitcoin price trended down over Q1, the Block ecosystem of payment solutions with Bitcoin in mind performed well.
Block, the pro-Bitcoin (BTC) umbrella company that hosts Cash App, Square and Afterpay, continues its growth in 2022. According to its Shareholder letter, in the first quarter of 2022, gross profits are “up 34% year over year.”
In total, the group netted $1.29 billion in gross profits. However, operating costs were also up “$1.52 billion in the first quarter of 2022, up 70% year over year.” The group explains that the acquisition of Afterpay, a buy now pay later service, could explain the increasing costs.
In total net Block’s revenues reached $3.96 billion from January to March 2022, down 22% compared to 2022. The group confirms that the drop was “driven by a decrease in Bitcoin revenue.”
Cash App, Block’s Bitcoin retail outlet as well as a mobile payment service, continued to sell Satoshis, although the figures are less promising than the previous quarter:
"Cash App generated $1.73 billion of Bitcoin revenue and $43 million of Bitcoin gross profit during the first quarter of 2022, down 51% and 42% year-over-year, respectively
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