Twitter founder Jack Dorsey's digital payments company Block reported $4.65B in net revenue for Q4, a 14% increase from the same period a year ago.
The firm, formerly known as Square, also experienced a $114M net loss in Q4.
- The net loss increased from $77M a year prior.
- The company gained $1.66B in gross profit, up 40% YoY.
- Block's Bitcoin (BTC) revenue from its mobile payment processing app, Cash App, decreased by 7% compared to the same time last year, standing at $1.83B.
- The decrease in the Bitcoin revenue was mainly due to BTC's massive price decline, as it fell nearly 65% throughout 2022 with the impact of the crypto winter.
- On the other hand, Cash App reported $848M in gross profit with a 64% yearly increase.
- Following the earnings report, the company's stock rose around 8% in extended trading.
- Cash App closed 2022 with 51 million monthly active users who made a transaction, up 16% YoY.
- Block generates Bitcoin revenue by selling Bitcoin to customers via Cash App.
