Block Books $50 Million in Bitcoin Gross Profit in Q1 2023
Jack Dorsey ’s Block released its quarterly results on Thursday, May 4. The fintech company generated a gross profit of $1.71 billion in Q1 2023, up 32% year over year. The company’s Cash App , on the other hand, reported a gross profit of $931 million, up 49% year over year, while Square generated a gross profit of $770 million, up 16% year over year. Source: Shareholders’ Letter Also Read: MicroStrategy Posts Q1 Profit With Bitcoin: MSTR Up 120% Bitcoin-related profit numbers As far as Bitcoin-related profits are concerned, the letter to shareholders revealed, “Bitcoin gross profit was $50 million in the first quarter of 2023. The total sale amount of Bitcoin sold to customers, which we recognize as bitcoin revenue, was $2.16 billion. Bitcoin gross profit was 2% of bitcoin revenue.” The latest $50 million marked a 43% incline from Q4 last year. From the year-over-year perspective, it was up 16%. Owing to the rise in Bitcoin’s price, the company did not b...