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Block’s Q1 Report Unveils $2 Billion in BTC Revenue on Cash App

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Gherardo Fiorenzo
Gherardo Fiorenzo is an Italian author with a unique perspective shaped by his experiences in Italy and the US. His thought-provoking articles, short stories, and reviews explore the intersections of language, identity, and culture.

Jack Dorsey’s Block has scored a staggering $2.16 billion in bitcoin (BTC) sales in Q1. Fintech company main Product, Cash App, 25% Generated more bitcoin The annual income.

The shareholder letter states that billions dollar bitcoin Revenue is attributed to the increase in Quantity of bitcoin Sold to customers” and was “partially redeemed” by A.J bitcoin market price decrease compared to the same period in 2022.

Block 2023 Q1 results

the financial technology The company owned 26% year-over-year He increases in sales during first quarter and is also posted earnings for every share of 40 cents, which is 14 percent more than analysts expected.

Block (NYSE: SQ) said in Shareholder letter in the first quarter of 2023 that bitcoin Revenue is defined as: total sales of bitcoin for clients. Up 18% annually from $1.83 billion in fourth quarter, up 25% year over year From the first quarter of 2022.

Revenues for the first quarter of 2023 for Cash App surpassed $931 million, up 49% year-over-year. Cash App’s earnings were minuscule compared to the company’s $1.71 billion in earnings in Gross profit. during the first quarter of 2023, Block, which also The user has a large scale business Payment service arena, saw a slight profit decrease: 3.8% over the previous one quarter.

Inventory market Block well received earnings reports. the share price of Fintech jumped 5% to $63.50 in after-hours trading But it has since settled to gains of like 2.5% of this writing.

this rise Represent first A respite after a long slump in Blog share price, which fell by 25% after publication of Compelling study by renowned short sellers Hindenburg Research.

Dorsey’s remarks

when discussing how company plans To adapt to the “big shifts” that are taking place in the global financial systemBlock CEO Jack Dorsey mentioned artificial intelligence and “open protocols” during earnings conference call with investors. He referred to de-dollarization and continuation of bank failure in United State root causes.

As reported by The New York Times on March 23, Hindenburg accused Blok of Use systematically of The demographics it claims to help” The Cash App success It was just expected on Block’s willingness to facilitate fraud against consumers and government. “

Responding to Hindenburg’s accusations, Blok said: “The Hindenburg is known for Such attacks are only intended to allow Short sellers to take advantage of a declined stock price. We checked the entire report in light of Our findings and concluded that the aim is to mislead and confuse investors.

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