Feb 24, 2023
Block Inc. Reports $1.83B Bitcoin Revenue, Shares Jump
Block Inc., the payment company founded by Jack Dorsey, reported $1.83 billion of Bitcoin (BTC) revenue from its Cash App business unit in the fourth quarter of 2022. Although this figure was 7% lower than the same period in 2021, the firm’s adjusted earnings before interest, tax, depreciation and amortization (EBITDA) increased 53% to $281 million.
The decline in Bitcoin revenue was attributed to the 65% drop in BTC price throughout 2022. As a result, Cash App’s Bitcoin gross profit decreased 25% year-on-year to $35 million in the quarter.
Cash App generates Bitcoin revenue by selling Bitcoin to customers through the app. For the full 2022 year, the app generated $7.11 billion of Bitcoin revenue and $156 million of Bitcoin gross profit, down 29% and 28% compared to 2021, respectively.
In addition to the Bitcoin revenue, Block Inc. reported a widened net loss of $114 million for the quarter compared to a loss of $77 million in 2021. Total revenue in the quarter was $4.65 billion.
The share price of Block jumped in after-hours trading following the earnings report. Some analysts have attributed the jump to the firm’s gross profit growth, which was up 40% in Q4 compared to the prior year and beat analyst expectations.
The web3 space has seen an influx of NFTs (non-fungible tokens) in recent months, and many companies are looking to capitalize on the trend. Block Inc. is no exception, and the firm is now offering NFT promotion and marketing services to help clients sell their NFTs.
The company’s NFT marketing services include creating custom campaigns for Twitter, developing creative and engaging content, and providing strategic advice on NFT promotion. Block Inc. is also offering a web3 agency to help clients with the creation, sale and promotion of their NFTs.
The firm’s NFT marketing services are designed to help clients reach a wider audience and increase the visibility of their NFTs. Block Inc. has already worked with a number of clients on successful NFT marketing campaigns, and the firm is confident that its services will help clients sell their NFTs more quickly and effectively.
Block Inc. is well-positioned to take advantage of the growth in the web3 space, and the firm is confident that its NFT marketing services will help clients capitalize on the trend. With its expertise in the space, Block Inc. is well-placed to help clients make the most of the opportunity.
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