- Block has released its report for the fourth quarter of 2023.
- The company received $2.02 billion in revenue and $178 million in net income.
- The organization attributed this to a jump in the price of bitcoin.
- Block’s shares rose more than 17% in pre-market trading.
Jack Dorsey’s company Block generated $2.02 billion in revenue in Q4 2023 – a 22% increase compared to the same period in 2022. This follows from the firm’s report.
For 2023 as a whole, the company generated $7.5 billion in revenue, up 25% compared to 2022. Net income in Q4 2023 was $178 million.
Block also noted that it earned $2.52 billion in revenue from bitcoin sales to Cash App customers. Cash App, on the other hand, had gross revenue of $1.18 billion and net income of $66 million, with Square’s platform generating $828 million in revenue.
The report indicates that the company made $207 million profit from the revaluation of its portfolio. Block owns 8,038 BTC worth $340 million (average price – $42,300).
“Compared to last year, the year-over-year increase in key metrics, particularly gross profit, was driven primarily by an increase in the average market price of bitcoin,” the report said.
On the presale, Block’s stock price jumped more than 17% to $79.69, according to TradingView:
Notably, in January 2024, we reported that Block laid off around 1,000 employees. This decision was made as part of a strategy to streamline workflows.
