Key Points: Block (SQ), a fintech company, has announced its bitcoin (BTC), revenue for the fourth quarter of its Cash App unit, at $1.83 billion.
Cash App generated $156 million in bitcoin gross profit and $7.11 billion in bitcoin revenue for the full year 2022, a 29% and 28% decrease respectively from the previous year.
FactSet reports that Block reported adjusted earnings per share at 22 cents on $4.65 Billion in revenue. This compares to analyst estimates of EPS at 30 cents and revenue of $4.63 Billion.
Block (SQ), a fintech company, has announced its bitcoin (BTC), revenue for the fourth quarter of its Cash App unit. It was $1.83 billion. This is a 7% decrease year-over-year, but it is still higher than the $1.76 million reported in the third quarter. Block records the total bitcoin sales to customers as revenue. Despite the decline in bitcoin sales year-over-year, the company’s bitcoin revenue was slightly higher than expected. According to the company’s quarterly shareholder letters, Cash App generated $35m in bitcoin gross profit for this quarter. This is a 25% decrease from the previous year, and slightly less than the $37m reported in the third quarter. Cash App recorded an impairment charge for its bitcoin investments of $9 million in the fourth quarter, compared with $2 million in third quarter. Block recognized a $47 million impairment loss for the entire year 2022. Block recognized a $47 million bitcoin impairment loss for the full year 2022. Block shares rose 0.6% to $74.54 on Thursday after-market trading. We encourage you to do your research before investing.Join us to keep track of news: https://linktr.ee/coincuWebsite: coincu.comAnnieCoincu NewsTags: #BitcoinBlock’s Q4Cash appCash App unit