Jack Dorsey's Block saw a significant increase in customer purchases of Bitcoin in the first quarter of 2023, which drove a 25% yearly growth in Bitcoin revenue and a sharp uptick in profits.
Cash App’s total profits reached over $931 million in the first quarter of 2023, marking a 49% increase year-over-year. Notably, Cash App’s profit paled compared to the company’s gross profit, which came in at $1.71 billion. Block also owns the popular business payment service Square, which reported a slight decline in profits from the fourth quarter of 2022.
According to the shareholder letter, the multi-billion-dollar Bitcoin revenues were driven by “an increase in the quantity of Bitcoin sold to customers,” and were “partially offset” by a decrease in the market price of Bitcoin, compared to the same timeframe in 2022.of 35 cents per share by 14%, with its first-quarter revenue rising 26% year-on-year.
The equities market took kindly to Block’s earnings filings. The fintech firm’s share price briefly surged 5% to $63.50 in after-hours trading, before settling down to a 2.5% gain at the time of publication.
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