Key Points:
- Fintech company Block (SQ) has announced its bitcoin (BTC) revenue for the fourth quarter in its Cash App unit, which amounted to $1.83 billion.
- For the full year of 2022, Cash App generated $7.11 billion of bitcoin revenue and $156 million of bitcoin gross profit, down 29% and 28%, respectively, from the previous year.
- According to FactSet, Block reported adjusted earnings per share of 22 cents on $4.65 billion in revenue compared to analyst estimates of EPS of 30 cents and revenue of $4.63 billion.
Fintech company Block (SQ) has announced its bitcoin (BTC) revenue for the fourth quarter in its Cash App unit, which amounted to $1.83 billion.
This figure represents a 7% year-over-year decline but is higher than the $1.76 billion reported in the third quarter. Block records the total sale amount of bitcoin to customers as revenue.
Despite the year-over-year decline, the company’s bitcoin revenue and gross profit were slightly better than expected. Cash App generated $35 million in bitcoin gross profit for the quarter, down 25% from the previous year and slightly less than the $37 million reported in the third quarter.
Block attributed the decline in bitcoin revenue
Block attributed the decline in bitcoin revenue and gross profit to the fall in the price of bitcoin, according to the company’s quarterly shareholder letter released on Thursday. For the full year of 2022, Cash App generated $7.11 billion of bitcoin revenue and $156 million of bitcoin gross profit, down 29% and 28%, respectively, from the previous year.
Block recorded an impairment charge of $9 million in the fourth quarter on its bitcoin investment, compared to $2 million in the third quarter. For the full year of 2022, Block recognized a bitcoin impairment loss of $47 million. However, as of December 31, the fair value of bitcoin investment was $133 million based on “observable market prices,” which was $30 million greater than the carrying value of the investment after impairment charges, the company noted.
In terms of its overall financial performance, Block reported adjusted earnings per share of 22 cents on $4.65 billion in revenue, compared to analyst estimates of EPS of 30 cents and revenue of $4.63 billion, according to FactSet.
Shares of Block were up 0.6% in post-market trading on Thursday to $74.54. Despite being up 17% this year, the company’s shares have declined 22% over the past year.
DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your research before investing.
Join us to keep track of news: https://linktr.ee/coincu
Website: coincu.com
Annie
Coincu News
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Block’s Q4 Cash App Profit Declines By 25%
Key Points:
- Fintech company Block (SQ) has announced its bitcoin (BTC) revenue for the fourth quarter in its Cash App unit, which amounted to $1.83 billion.
- For the full year of 2022, Cash App generated $7.11 billion of bitcoin revenue and $156 million of bitcoin gross profit, down 29% and 28%, respectively, from the previous year.
- According to FactSet, Block reported adjusted earnings per share of 22 cents on $4.65 billion in revenue compared to analyst estimates of EPS of 30 cents and revenue of $4.63 billion.
Fintech company Block (SQ) has announced its bitcoin (BTC) revenue for the fourth quarter in its Cash App unit, which amounted to $1.83 billion.
This figure represents a 7% year-over-year decline but is higher than the $1.76 billion reported in the third quarter. Block records the total sale amount of bitcoin to customers as revenue.
Despite the year-over-year decline, the company’s bitcoin revenue and gross profit were slightly better than expected. Cash App generated $35 million in bitcoin gross profit for the quarter, down 25% from the previous year and slightly less than the $37 million reported in the third quarter.
Block attributed the decline in bitcoin revenue
Block attributed the decline in bitcoin revenue and gross profit to the fall in the price of bitcoin, according to the company’s quarterly shareholder letter released on Thursday. For the full year of 2022, Cash App generated $7.11 billion of bitcoin revenue and $156 million of bitcoin gross profit, down 29% and 28%, respectively, from the previous year.
Block recorded an impairment charge of $9 million in the fourth quarter on its bitcoin investment, compared to $2 million in the third quarter. For the full year of 2022, Block recognized a bitcoin impairment loss of $47 million. However, as of December 31, the fair value of bitcoin investment was $133 million based on “observable market prices,” which was $30 million greater than the carrying value of the investment after impairment charges, the company noted.
In terms of its overall financial performance, Block reported adjusted earnings per share of 22 cents on $4.65 billion in revenue, compared to analyst estimates of EPS of 30 cents and revenue of $4.63 billion, according to FactSet.
Shares of Block were up 0.6% in post-market trading on Thursday to $74.54. Despite being up 17% this year, the company’s shares have declined 22% over the past year.
DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your research before investing.
Join us to keep track of news: https://linktr.ee/coincu
Website: coincu.com
Annie
Coincu News
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