Jack Dorsey, the creator of Twitter, owns the fintech company Block, which in Q1 reported an astonishing $2.16 billion in Bitcoin income from its key product Cash App.
Cash App First-quarter Revenue from Bitcoin Exceeded $2 Billion
Block said that its Bitcoin revenue, which includes BTC revenue as total sales of the cryptocurrency to consumers, was up 18% from $1.83 billion in Q4 and 25% from Q1 2022, according to a shareholder letter presenting its Q1 2023 profits. The Block Twitter account tweeted about the issue.
About Cash App’s Profits
In the first quarter of 2023, Cash App’s total profits increased by 49% year over year to over $931 million. Notably, Cash App’s profit was insignificant in comparison to the business’s gross profit, which was $1.71 billion.
The multi-billion dollar Bitcoin revenues, according to the shareholder letter, were “partially offset” by a decline in the market price of Bitcoin, compared to the same period in 2022, and were driven by “an increase in the quantity of Bitcoin sold to customers.”
Along with its first-quarter sales increasing 26% year over year, the fintech company also posted earnings per share of 40 cents, exceeding analyst projections of 35 cents per share by 14%. Furthermore, Block’s gross revenues have increased 32% year over year. You can see this increase in the graph below.
