Cash App Bitcoin revenue tops $2 billion in the first quarter
Block’s Q1 earnings report reveals a 25% year-on-year increase in Bitcoin revenue from the fintech firm’s flagship product Cash App. Fintech firm Block, owned by Twitter founder Jack Dorsey, has reported a staggering $2.16 billion in Bitcoin (BTC) revenue on its bellwether product Cash App in Q1. According to a shareholder letter announcing its Q1 2023 earnings, Block (NYSE:SQ) reported that its Bitcoin revenue — which counts BTC revenue as total sales of the cryptocurrency to customers — was up 18% from $1.83 billion in Q4 and 25% from Q1 2022. Our Q1 earnings are now available. $SQ https://t.co/oGcnRuzFb3 — Block Investor Relations (@BlockIR) May 4, 2023 Cash App’s total profits reached over $931 million in the first quarter of 2023, marking a 49% increase year-over-year. Notably, Cash App’s profit paled compared to the company’s gross profit, which came in at $1.71 billion. Block also owns the popular business payment service Square, which reported a slight (3.8%) decline in...