In Q4 2021, Block (formerly Square) revenue from selling bitcoin via the Cash App totaled $1.96 billion, delivering gross profit of $46 million.
Our Q4 and full-year 2021 earnings are now available. $SQ https://t.co/oGcnRuhvWV
— Block Investor Relations (@BlockIR) February 24, 2022
Total revenue for the period reached $4.08 billion — up 29% year on year.
In 2021 Block’s revenue rose 86% to $17.66 billion. The company posted a gross profit of $4.42 billion. The figure rose by 62%.
However, net income for the year amounted to $166 million, of which $77 million came in Q4.
The main drivers of Block’s financial growth were the Cash Card offering and the payment services for merchants in the Square ecosystem.
The report also notes that the expansion of the company’s product offerings was aided by the acquisition of Australian buy-now-pay-later service Afterpay.
Earlier in the third quarter of 2021, Block earned $42 million in profit from selling bitcoin via Cash App.