Block's gross profit for the first quarter reached $1.71 billion, a year-on-year increase of 32%

ChainCatcher news, released by Block (formerly Square), a payment company founded by former Twitter CEO Jack Dorsey, announced its Q1 2023 financial report. In the first quarter, it sold $2.2 billion worth of Bitcoin, a year-over-year increase of 25%, compared to $1.8 billion in the fourth quarter of last year. The gross profit from Bitcoin sales in Q1 was $50 million. Block also reported a gross profit of $1.71 billion in Q1, a year-over-year increase of 32%, with total revenue slightly below $5 billion during the same period.

In Q1 2023, Block's transaction-based revenue was $1.4 billion, a year-over-year increase of 15%, and its transaction-based gross profit was $602 million, a year-over-year increase of 16%. Cash App's gross profit was $931 million, and Square's gross profit was $770 million, representing year-over-year increases of 49% and 16%, respectively. (Source link)