Block, Led by Jack Dorsey, Reports $2.02 Billion Revenue in Q4
Date: 2024-02-24 Author: Dima Zakharov Categories: IN WORLD
Block, the company headed by Jack Dorsey, reported a remarkable revenue of $2.02 billion in the fourth quarter of 2023, marking a 22% increase compared to the same period in 2022, as stated in the firm's report.
Throughout 2023, the company amassed a total income of $7.5 billion, indicating a 25% surge compared to 2022. The net profit for the fourth quarter of 2023 amounted to $178 million.
Additionally, Block noted earnings of $2.52 billion from the sale of Bitcoins to Cash App customers, with Cash App's gross revenue reaching $1.18 billion and a net profit of $66 million. Square's revenue stood at $828 million.
The report highlights that the company garnered $207 million in profit from the revaluation of its portfolio, owning 8,038 BTC valued at $340 million (average price - $42,300).
"The growth in key metrics, particularly gross profit, compared to the previous year, is primarily due to the increase in the average market price of Bitcoin," the report stated.
Ahead of trading, Block's stock prices surged by over 17% to $79.69, according to TradingView data.
It's worth noting that in January 2024, reports surfaced about Block's decision to lay off around 1000 employees as part of their strategy to streamline operations.
