Twitter founder Jack Dorsey's digital payments company, Block, recently revealed its Q1 earnings, substantially beating analyst expectations.
The firm reported a $931M quarterly gross profit for its mobile payment service Cash App, up 49% from the same period last year.
Cash App's gross profit surpassed analysts' expectations of $871M for Q1.
- The company's financial services platform, Square, recorded a $770M gross profit in the first three-month period of the year.
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Square's gross profit similarly came higher than expected, increasing by 16% YoY, though it decreased by 3.8% compared to the previous quarter.
- Block's combined gross profit was $1.71B, rising 32% compared to Q1 2022, and outperformed the average analyst forecast of $1.65B.
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Cash App's revenue from Bitcoin (BTC) sales to customers also increased to $2.16B, with an 18% rise from $1.83B in the previous quarter and 25% from Q1 2022.
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At the company's earnings conference call, Block CEO Jack Dorsey named AI and open protocols as the technologies that would help the company proactively respond to the
significant changes in the global financial system.
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Dorsey also showed the U.S. banking crisis and the other countries' de-dollarization efforts as the primary reasons for the negative aspects of the balance sheet.
