- Cash App sold $2.2 billion worth of bitcoins
- It brought Jack Dorsey $50 million in revenue
- Block grew revenue overall
Fintech firm Block reported Q1 earnings. Here we see the brilliant results of the Cash App division. Bitcoin trading brought them $2.16 billion in revenue.
That’s an 18% increase over the previous quarter ($1.83 billion). And up 25% from the first quarter of 2022.
The Cash App earned $50 million in gross profit in Q1, a 43% increase over previous figures. The numbers are also 16% higher than the same period last year.
Jack Dorsey’s Block Company reported $770 million in gross profit (meaning total revenue from all divisions). That is, earnings are up 16% over the same period in 2022.
Block recorded a $9 million investment impairment last quarter (and a $47 million impairment for all of 2022). This quarter, they came out of the “minuses” thanks to the rise in BTC.
As of March 31, Dorsey’s company owns $229 million in bitcoins. Their initial purchase price is $220 million.
In the first quarter, Block collected $5 billion in revenue. This is significantly higher than the initial forecasts of analysts ($390 million).
Shareholders also received a good profit – their income per share was $0.4 (instead of the forecasted $0.36). After the successful report, Block shares rose another 2.4% on the premarket.