Block, formerly known as Square, paskelbė on Thursday that its Cash App generated $1.73 billion in bitcoin purchases in the first quarter of 2022.
Block Releases Q1 2022 Report
On Thursday, Block Inc, the fintech company led by Twitter founder Jack Dorsey, missed market expectations for first-quarter profit as demand for bitcoin slowed owing to a drop in cryptocurrency prices.
Pagal akcininko laiškas posted after the market closed, these sales produced $43 million in bitcoin gross profit during that time.
„Cash App per pirmąjį 1.73 m. ketvirtį uždirbo 43 mlrd. USD bitkoinų pajamų ir 2022 mln. USD bendrojo bitkoino pelno, atitinkamai 51% ir 42% mažiau nei per metus. Dvejų metų CAGR pagrindu bitkoinų pajamos ir bendrasis pelnas išaugo atitinkamai 138% ir 155%“, – rašoma Block akcininko laiške ir priduriama:
„Bitcoin pajamų ir bendrojo pelno sumažėjimą per metus pirmiausia lėmė santykinis bitkoino kainos stabilumas per ketvirtį, o tai paveikė vartotojų paklausą ir prekybos aktyvumą, palyginti su ankstesnių metų laikotarpiu. Bitcoin pajamos ir bendrasis pelnas palyginti su 2021 m. ketvirtuoju ketvirčiu buvo gana nuoseklūs. Ateityje bitkoinų pajamos ir bendrasis pelnas gali svyruoti dėl klientų paklausos ar bitkoino rinkos kainos pokyčių.
In the three months ended March 31, Block’s sales dropped 22% to $3.96 billion. According to IBES statistics from Refinitiv, the company generated an adjusted profit of 18 cents per share, falling short of analysts’ expectations of 21 cents.
BTC/USD falls back to $36k. Source: TradingView
The firm reported a first-quarter net loss of $204 million, or 38 cents per share, compared to a year-ago quarter net income of $39.0 million, or 8 cents per share.
However, the company’s Cash App, which allows individuals to transmit payments in bitcoin, saw a 26% increase in gross earnings.
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Post-Pandemic Spending Contributed To Surge
Consumers spent extensively on vacation and dining out after two years of the pandemic, despite inflationary pressures, underpinning the company’s solid profitability.
According to Block, more than 10 million Cash App accounts had purchased bitcoin since the program was launched as of the end of the quarter.
In after-hours trading on Thursday, Block’s stock increased roughly 4% to $99.50. On Thursday, shares tumbled more than 10% ahead of the company’s results report, while the Nasdaq sank 5%.
Block's Filings. source: The Block
Cash App made $46 million in gross earnings from bitcoin sales in the fourth quarter of 2021, bringing in $1.96 billion in revenue. When broken down annually, the firm’s bitcoin sales in 2021 were just over $10 billion, totaling $218 million in gross profit.
At 5 p.m. ET, Block will have an investor call to discuss the results.
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Featured image from getty images, chart from TradingView.com
Source: https://bitcoinist.com/block-report-cash-app-bitcoin-sales-comes/