Block, formerly known as Square, најавила on Thursday that its Cash App generated $1.73 billion in bitcoin purchases in the first quarter of 2022.
Block Releases Q1 2022 Report
On Thursday, Block Inc, the fintech company led by Twitter founder Jack Dorsey, missed market expectations for first-quarter profit as demand for bitcoin slowed owing to a drop in cryptocurrency prices.
Према писмо акционара posted after the market closed, these sales produced $43 million in bitcoin gross profit during that time.
„Цасх Апп је генерисао 1.73 милијарде долара прихода од биткоина и 43 милиона долара бруто добити од биткоина током првог квартала 2022, што је пад од 51% и 42% у односу на претходну годину, респективно. На основу двогодишњег ЦАГР-а, приход од биткоина и бруто профит су порасли за 138% и 155%, респективно“, навео је Блоцк у свом писму акционара, додајући:
„Смањење прихода од биткоина и бруто добити у односу на претходну годину првенствено је вођено релативном стабилношћу цене биткоина током квартала, што је утицало на потражњу потрошача и трговинску активност у поређењу са периодом претходне године. Приход и бруто добит од биткоина били су релативно конзистентни у поређењу са четвртим кварталом 2021. У наредним кварталима, приход од биткоина и бруто добит могу флуктуирати као резултат промена потражње купаца или тржишне цене биткоина.“
In the three months ended March 31, Block’s sales dropped 22% to $3.96 billion. According to IBES statistics from Refinitiv, the company generated an adjusted profit of 18 cents per share, falling short of analysts’ expectations of 21 cents.
БТЦ/УСД се враћа на 36 хиљада долара. Извор: ТрадингВиев
The firm reported a first-quarter net loss of $204 million, or 38 cents per share, compared to a year-ago quarter net income of $39.0 million, or 8 cents per share.
However, the company’s Cash App, which allows individuals to transmit payments in bitcoin, saw a 26% increase in gross earnings.
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Post-Pandemic Spending Contributed To Surge
Consumers spent extensively on vacation and dining out after two years of the pandemic, despite inflationary pressures, underpinning the company’s solid profitability.
According to Block, more than 10 million Cash App accounts had purchased bitcoin since the program was launched as of the end of the quarter.
In after-hours trading on Thursday, Block’s stock increased roughly 4% to $99.50. On Thursday, shares tumbled more than 10% ahead of the company’s results report, while the Nasdaq sank 5%.
Block's Filings. source: The Block
Cash App made $46 million in gross earnings from bitcoin sales in the fourth quarter of 2021, bringing in $1.96 billion in revenue. When broken down annually, the firm’s bitcoin sales in 2021 were just over $10 billion, totaling $218 million in gross profit.
At 5 p.m. ET, Block will have an investor call to discuss the results.
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Featured image from getty images, chart from TradingView.com
Source: https://bitcoinist.com/block-report-cash-app-bitcoin-sales-comes/