Jack Dorsey’s Block hits $1.3B in Q1 profits, $43M in BTC trading revenue
Despite that the Bitcoin price trended down over Q1, the Block ecosystem of payment solutions with Bitcoin in mind performed well. Block, the pro-Bitcoin (BTC) umbrella company that hosts Cash App, Square and Afterpay, continues its growth in 2022. According to its Shareholder letter, in the first quarter of 2022, gross profits are “up 34% year over year.”In total, the group netted $1.29 billion in gross profits. However, operating costs were also up “$1.52 billion in the first quarter of 2022, up 70% year over year.” The group explains that the acquisition of Afterpay, a buy now pay....
Related News
Block Inc. posted $1.47B worth of profit in Q2 but BTC trading services profit only accounted for $41 million of that figure, with the firm citing price volatility and a lack of consumer demand. Former Twitter CEO Jack Dorsey’s digital payments firm Block Inc. saw its year-on-year (YoY) profits soar 29% to $1.47 billion in Q2, though its Bitcoin business slumped on decreased customer demand and a fall in Bitcoin (BTC) prices.The financial services firm primarily generates Bitcoin revenue by providing BTC trading services via its digital payments application Cash App. Block Inc. noted the....
Jack Dorsey made headlines by leaving Twitter to focus full-time on Square (now Block) and Bitcoin. But how will the company advance the protocol?
Dorsey’s Block plans to leverage a fingerprint sensor instead of a password or seed phrase to secure your bitcoin.
Cash App’s Bitcoin profits fell in the third quarter, but overall profits are still on the rise. Jack Dorsey’s payments company Square Inc. revealed in its Q3 earnings report that mobile payments app Cash App saw a 23% drop in quarterly profits generated by Bitcoin.But Bitcoin profits and revenue are both up year on year. Square attributes the drop off in quarter-on-quarter Bitcoin revenue and gross profit to the “relative stability of the price of Bitcoin, which affected trading activity compared to prior quarters.”Cash App allows users in the United States and the UK to buy Bitcoin and....
What to Know: Block Inc. is cutting 10% of its staff to cap headcount at 12,000, prioritizing operational efficiency and agility over raw expansion. The move signals a broader market shift where value is derived from streamlined execution and “revenue per employee” metrics rather than bloat. Bitcoin Hyper aligns with this efficiency trend by integrating the Solana Virtual Machine (SVM) on Bitcoin, solving L1 latency and fee issues. Institutional interest in efficient infrastructure is rising, evidenced by over $31M raised in the $HYPER presale. Efficiency is the new alpha. Jack....