Cash App Bitcoin revenue tops $2 billion in the first quarter

Fintech firm Block, owned by Twitter founder Jack Dorsey, has actually reported a staggering $2.16 billion in Bitcoin (BTC) income on its bellwether item Cash App in Q1.According to a shareholder letter announcing its Q1 2023 revenues, Block (NYSE: SQ) reported that its Bitcoin revenue– which counts BTC profits as overall sales of the cryptocurrency to consumers– was up 18% from $1.83 billion in Q4 and 25% from Q1 2022. Our Q1 profits are now readily available. $SQ https://t.co/oGcnRuzFb3— Block Investor Relations (@BlockIR) May 4, 2023

Block also owns the popular service payment service Square, which reported a slight (3.8%) decline in earnings from the fourth quarter of 2022. Source: Block shareholder letterSpeaking to financiers in the profits conference call, Block CEO Jack Dorsey identified both artificial intelligence and “open procedures” as technologies that would aid the business in proactively reacting to the “substantial shifts” in the worldwide monetary system He cited continued United States bank failures and de-dollarization as the primary offenders. The fintech companys share price briefly rose 5% to $63.50 in after-hours trading, before settling down to a 2.5% gain at the time of publication.Related: Jack Dorseys nano Bitcoin mining chip heads to prototypeThis uptick marked the very first instance of relief from a constant decrease in Blocks share price, which suffered a considerable 25% hit following the release of a scathing report penned by well known short sellers Hindenburg Research.

Fintech company Block, owned by Twitter creator Jack Dorsey, has actually reported a shocking $2.16 billion in Bitcoin (BTC) profits on its bellwether product Cash App in Q1.According to a shareholder letter announcing its Q1 2023 earnings, Block (NYSE: SQ) reported that its Bitcoin profits– which counts BTC profits as overall sales of the cryptocurrency to clients– was up 18% from $1.83 billion in Q4 and 25% from Q1 2022. Source: Block investor letterSpeaking to investors in the revenues conference call, Block CEO Jack Dorsey identified both artificial intelligence and “open protocols” as technologies that would aid the business in proactively reacting to the “significant shifts” in the global financial system He cited continued United States bank failures and de-dollarization as the primary perpetrators. The fintech companys share rate briefly surged 5% to $63.50 in after-hours trading, before settling down to a 2.5% gain at the time of publication.Related: Jack Dorseys nano Bitcoin mining chip heads to prototypeThis uptick marked the first circumstances of relief from a consistent decline in Blocks share rate, which suffered a considerable 25% hit following the release of a scathing report penned by famed short sellers Hindenburg Research.