Jack Dorsey-led payments company Block reported total Bitcoin sales to customers in the fourth quarter of 2023 at $2.52 billion, up 37% year-over-year, according to its latest earnings released Thursday. according to the report,
that much earnings report The company was found to have gained $207 million in remeasured Bitcoin holdings. Block held about 8,038 bitcoins at the end of last year, worth about $340 million at the time.
“The increase in Bitcoin revenue and total profit compared to the previous year was due to gains from the increase in the average market price of Bitcoin and the price appreciation of Bitcoin stocks in the quarter,” Block said in the report.
According to the report, in the fourth quarter of last year, the company’s mobile payment platform Cash App earned $66 million in revenue from Bitcoin sales. This Bitcoin gross profit recorded 90% year-on-year growth.
Block’s small business financial services platform Square recorded gross profit of $828 million, an 18% increase compared to the same period last year, and Cash App recorded gross profit of $1.18 billion, up 25% compared to the same period last year. growth. Overall, Block generated gross profit of $2.03 billion in the fourth quarter, up 22% year-over-year.
The company’s net income attributable to shareholders was $178 million in the fourth quarter of last year, compared with a net loss of $114 million for the same period in 2022. Block’s net loss for 2022 will be $541 million, according to the report, compared to net income of $10 million for the full year of 2023.
Shares of Block closed 5.41% higher on Thursday, adding another 13.23% in after-hours trading.
Update: Headline has been edited for clarity.
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