{"id":61075,"date":"2022-05-06T11:56:59","date_gmt":"2022-05-06T08:56:59","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=61075"},"modified":"2025-09-05T09:59:13","modified_gmt":"2025-09-05T06:59:13","slug":"block-posts-1-73-billion-from-bitcoin-sales-in-the-quarter","status":"publish","type":"post","link":"https:\/\/forklog.com\/en\/block-posts-1-73-billion-from-bitcoin-sales-in-the-quarter\/","title":{"rendered":"Block posts $1.73 billion from bitcoin sales in the quarter"},"content":{"rendered":"<p>In the first quarter of 2022, Block (formerly Square) generated $1.73 billion in revenue from selling bitcoin through the Cash App. The operations delivered gross profit of $43 million for the payments company.<\/p>\n<p>According to the <a href=\"https:\/\/s29.q4cdn.com\/628966176\/files\/doc_financials\/2022\/q1\/1Q22-Shareholder-Letter_SQ.pdf\">\u043f\u0438\u0441\u044c\u043c\u0443 \u0430\u043a\u0446\u0438\u043e\u043d\u0435\u0440\u0430\u043c<\/a>, compared with the corresponding period in 2021, results fell by 51% and 42% respectively.<\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p>\u201cThe year-over-year decline in bitcoin sales revenue and gross profit is primarily due to the relative stability of the cryptocurrency&#8217;s price, which affected consumer demand and trading activity,\u201d Block said.<\/p>\n<\/blockquote>\n<p>Overall, the results were in line with those of the fourth quarter, the company said. For the three months ended 2021 the firm received $1.96 billion from the sale of digital gold with a profit of $46 million.<\/p>\n<p>Total revenue for the first quarter was $3.96 billion. The firm recorded a net loss of $204 million, though gross profit stood at $1.29 billion.<\/p>\n<figure class=\"wp-block-image\"><img decoding=\"async\" src=\"https:\/\/lh3.googleusercontent.com\/GSHqOgDTFatDGOUvclQqfB_8Lgmcl4-RbMyCgqPXNwL67dpau0ojq7hd80fGvT-8KVYyEavhdFcEfrW22C6dlZTRMEwjbAotEC4Uc8-iLd-HjYP0bpBAj6EDiMsXFO1Myg6j9cWZv2xZH6svoQ\" alt=\"Block \u043f\u043e\u043b\u0443\u0447\u0438\u043b\u0430 \u043e\u0442 \u043f\u0440\u043e\u0434\u0430\u0436\u0438 \u0431\u0438\u0442\u043a\u043e\u0438\u043d\u0430 $1,73 \u043c\u043b\u0440\u0434 \u0437\u0430 \u043a\u0432\u0430\u0440\u0442\u0430\u043b\"\/><figcaption>\u0414\u0430\u043d\u043d\u044b\u0435: Block.<\/figcaption><\/figure>\n<p>In January, the company completed the <a href=\"https:\/\/forklog.com\/en\/news\/square-to-acquire-afterpay-for-29-billion\">\u043f\u0440\u0438\u043e\u0431\u0440\u0435\u0442\u0435\u043d\u0438\u0435 \u0430\u0432\u0441\u0442\u0440\u0430\u043b\u0438\u0439\u0441\u043a\u043e\u0433\u043e \u0441\u0435\u0440\u0432\u0438\u0441\u0430 \u0440\u0430\u0441\u0441\u0440\u043e\u0447\u043a\u0438 Afterpay<\/a>. For the reporting period, the platform generated $65 million in revenue and $46 million in profit.<\/p>\n<p>Against the backdrop of the financial results, the company&#8217;s shares on the premarket rose almost 7%. However, the shares trade at levels roughly three times below the 12-month high.<\/p>\n<figure class=\"wp-block-image\"><img decoding=\"async\" src=\"https:\/\/lh4.googleusercontent.com\/5TSzCYpWgRHfhVeht0D3ss9LFyzQSrSjDu4Wr_qfuFdaaSv__7niO9CuPIr84rnR3YIglAkE_YMiEQNSoNpuovMTnY1bSluaDg_XyYsD1zX2SGT014uGp5tdCuURVih7NmiKA_BVnnE5KqKq8Q\" alt=\"Block \u043f\u043e\u043b\u0443\u0447\u0438\u043b\u0430 \u043e\u0442 \u043f\u0440\u043e\u0434\u0430\u0436\u0438 \u0431\u0438\u0442\u043a\u043e\u0438\u043d\u0430 $1,73 \u043c\u043b\u0440\u0434 \u0437\u0430 \u043a\u0432\u0430\u0440\u0442\u0430\u043b\"\/><figcaption>Data: <a href=\"https:\/\/www.marketwatch.com\/investing\/stock\/sq\">MarketWatch<\/a>.<\/figcaption><\/figure>\n<p>In April, Cash App introduced an automated conversion feature for a portion of direct deposits into bitcoin.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>In the first quarter of 2022, Block (formerly Square) generated $1.73 billion in revenue from selling bitcoin through the Cash App. The operations delivered gross profit of $43 million for the payments company.<\/p>\n","protected":false},"author":1,"featured_media":61076,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"1","news_style_id":"1","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[1533,1534],"class_list":["post-61075","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-cash-app","tag-square"],"aioseo_notices":[],"amp_enabled":true,"views":"31","promo_type":"1","layout_type":"1","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/61075","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/comments?post=61075"}],"version-history":[{"count":1,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/61075\/revisions"}],"predecessor-version":[{"id":61077,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/61075\/revisions\/61077"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media\/61076"}],"wp:attachment":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media?parent=61075"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/categories?post=61075"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/tags?post=61075"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}