Despite declining Bitcoin income, the stocks of Block rose by 7 % in the fourth quarter

Despite declining Bitcoin income, the stocks of Block rose by 7 % in the fourth quarter

Block (formerly known as Square)-an American multinational technology conglomerate founded by Jack Dorsey-announced in the 4th quarter of 2022 Bitcoin income of $ 1.83 billion, which was generated from his payment service cash app.

The number was almost $ 2 billion in the fourth quarter of 2021, and the company blamed the decline in the cryptom market for the downturn.

, however, the stocks of Block rose by almost 7 %after positive financial results were reported.

BTC income decreased by 7 % in the annual comparison

Blocks Bitcoin turnover in the fourth quarter of last year Easily increases compared to the $ 1.76 billion, which was reached in the third quarter. Nevertheless, the numbers were higher in the fourth quarter of 2021 (when BTC was on a bull run and reached an ATH of almost $ 70,000):

"The total sale of the bitcoins sold to customers, which we identify as Bitcoin revenue, was $ 1.83 billion, which corresponds to a decrease of 7 % compared to the previous year."

Cash App-The Peer-to-Peer-Payment application of Block-generated over $ 7 billion in BTC income in 2022 and accounted for $ 156 million of the BTC gross profit, which corresponds to a decrease of 29 % and 28 % compared to the previous year. The gross profit of Bitcoin in the fourth quarter of 2022 was $ 35 million, a decrease of 25 % compared to the last quarter of 2021.

"The decline in sales in the annual comparison was due to a decline in the total amount of the Bitcoin sold to customers, which we identify as Bitcoin income, and the Bitcoin gross profit was 2 % of Bitcoin income in the quarter," said Block.

The company said that the decline was due to the crypto market crash last year. Bitcoin started trading in 2022 at around $ 47,000 and ended at around $ 16,500 (a decrease of 65 %).

Shares on the way to the north

In contrast to the Bitcoin-related figures, the financial results of Block were quite impressive overall. The gross profit for the entire year 2022 reached almost $ 6 billion, of which $ 1.66 billion was recorded in the fourth quarter. This was the most successful quarter after Q1 $ 1.29 billion, Q2-1.47 billion US dollars and Q3-$ 1.57 billion.

The gross profit with a cash app last year was $ 3 billion, 30 % more than in 2021. In the 4th quarter (again the strongest quarter), $ 848 million were taken.

The profit before interest, taxes and depreciation (EBITDA) slightly died from $ 1.01 billion in 2021 to $ 991 million in 2022.

The shares of the company data preserver spaces = "true"> for pre-exchanged sales after the results that rise to almost $ 80. The shares are still far away from their early 2021 of over $ 275.

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