The results are in: Block continues to turn a profit despite a turbulent market.
In total, the group netted $1.29 billion in gross profits. However, operating costs were also up “$1.52 billion in the first quarter of 2022, up 70% year over year.” The group explains that the acquisition ofIn total net Block’s revenues reached $3.96 billion from January to March 2022, down 22% compared to 2022. The group confirms that the drop was “driven by a decrease in Bitcoin revenue.”
Cash App, Block’s Bitcoin retail outlet as well as a mobile payment service, continued to sell Satoshis, although the figures are"Cash App generated $1.73 billion of Bitcoin revenue and $43 million of Bitcoin gross profit during the first quarter of 2022, down 51% and 42% year over year, respectively".in quarter two, the group will take encouragement from an increase in non-Bitcoin revenues in quarter one. On the march by 44$ year on year, to $2.
Plus, the Square ecosystem of payment solutions for merchants, including point of sale devices, has performed well. It delivered a"gross profit of $661 million, an increase of 41% year over year.”
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