Summary of Block’s Cash App Q1 Report:
• Block recorded $2.16 billion in Bitcoin (BTC) sales in Q1, a 25% increase year-over-year.
• Cash App generated $931 million in revenue during the first quarter, up 49% year-over-year.
• CEO Jack Dorsey discussed adapting to “significant shifts” occurring in the global financial system through artificial intelligence and “open protocols” during the earnings conference call with investors.
Block’s Record Breaking BTC Sales
Jack Dorsey’s Block recorded a stunning $2.16 billion in bitcoin (BTC) sales in Q1. The fintech company’s main product, Cash App, generated 25% more bitcoin income yearly. The shareholder letter states that the multi-billion dollar bitcoin revenues were attributed to an increase in the quantity of bitcoin sold to customers” and were “partially offset” by a bitcoin market price reduction compared to the same period in 2022.
Q1 2023 Revenues for Cash App
Q1 2023 revenues for Cash App topped $931 million, up 49% year-over-year. Cash App’s profit was minuscule compared to the company’s $1.71 billion in gross profit. During the first quarter of 2023, Block, which also owns the widely used business payment service Square, saw a slight profit decrease: 3.8% from the previous quarter. The stock market well-received block’s earnings reports. The share price of the fintech company jumped 5% to $63.50 in after-hours trading but has since settled to a 2.5% gain as of this writing . This rise represented the first respite after a prolonged slump in Block’s share price, which had dropped by 25% after the publication of a damning study by renowned short sellers Hindenburg Research .
When discussing how the company plans to adapt to the “significant shifts” occurring in the global financial system, Block CEO Jack Dorsey mentioned artificial intelligence and “open protocols” during the earnings conference call with investors . He pointed to de-dollarization and