Block (formerly known as Square) – an American multinational technology conglomerate founded by Jack Dorsey – disclosed $1.83 billion of bitcoin revenue generated from its Cash App payment service in Q4, 2022.
The figure was nearly $2 billion in the fourth quarter of 2021, and the company blamed the decline of the crypto market for the downturn.
However, Block’s shares climbed nearly 7 after reporting positive overall financial results.
BTC Revenue Drops 7 YoY
Block’s bitcoin revenue in the fourth quarter of last year slightly increased compared to the $1.76 billion reached in Q3. Nonetheless, the numbers in Q4 2021 (when BTC was on a bull run, reaching an ATH of almost $70,000) were higher:
“The total sale amount of bitcoin sold to customers, which we recognize as bitcoin revenue, was $1.83 billion, down 7 year over year.”
Cash App – Block’s peer-to-peer payment application – generated over $7 billion of BTC revenue throughout 2022 and accounted for $156 million of BTC gross profit, down 29 and 28 year-over-year, respectively. Bitcoin gross profit in Q4 2022 was $35 million, a 25 decline compared to the last quarter of 2021.
