Block, an American multinational technology conglomerate founded by Jack Dorsey, reported $1.83 billion of bitcoin revenue generated from its Cash App payment service in Q4 2022. This was a 7% decrease from the previous year due to the crypto market crash. Despite this, the company’s overall financial results were positive, with gross profit for the entire year reaching almost $6 billion, and $848 million collected in Q4. Block’s shares climbed over 7% at pre-market sales after announcing the results, rising to nearly $80. The company attributed the decline in bitcoin revenue to the crypto market crash last year, which saw Bitcoin start the year trading at around $47,000 and finish at approximately $16,500. Despite this, Block’s overall financial performance was impressive, with Cash App generating over $7 billion of BTC revenue throughout 2022 and accounting for $156 million of BTC gross profit. EBITDA slightly decreased from $1.01 billion in 2021 to $991 million in 2022.
Block’s Bitcoin Revenue Drops 7% YoY Despite Positive Financial Results
