Block, Jack Dorsey's Company, Sells $2.52 Billion in Bitcoin in Q4/2023
Following a promising financial report, shares of Block surged an additional 13% in after-hours trading.
Jack Dorsey's digital payment company Block generated $66 million in gross profit from Bitcoin sales via Cash App in Q4/2023, marking a 90% increase from the same period last year.
In its latest financial disclosure, Block reported total Bitcoin sales to customers, recorded as Bitcoin revenue, amounting to $2.52 billion, a 37% increase from 2022. Block attributed positive revenue and gross profit growth to significant Bitcoin price appreciation during the quarter.
The former Twitter CEO-led company also disclosed that its Bitcoin holdings were valued at $207 million in profit. Between late 2020 and early 2021, Block made investments of $50 million and $170 million in Bitcoin. As of December 31, 2023, Block holds 8,038 Bitcoin, valued at $340 million on its balance sheet.
In Q4/2023, Square, Block's financial services platform for small and medium-sized enterprises, achieved $828 million in gross profit, an 18% increase from the previous year. Meanwhile, Cash App contributed $1.18 billion in gross profit, a 25% increase year-over-year.
Overall, Block's total gross profit in Q4/2023 amounted to $2.03 billion, marking a 22% growth compared to 2022.
Net income available to company shareholders, after deducting all expenses and taxes, was $178 million, reversing a net loss of $114 million in the same period of 2022. Throughout 2023, Block achieved a net income of $10 million, in contrast to enduring a net loss of $541 million in 2022.
Following the financial report announcement, Block's shares experienced enthusiastic trading hours, closing with a 5.41% increase, and continued to rise by 13.23% in after-hours trading.
