Block (formerly Square) generated $1.73 billion in Bitcoin sales through the Cash App in Q1, generating a gross profit of $43 million for the payment company.
According to the letter sent by the company to its shareholders, compared to the same period in 2021, the figures fell by 51% and 42%, respectively. Block has noted:
“The year-on-year decline in Bitcoin revenue and gross profit is primarily due to the relative price stability of the cryptocurrency, which has affected consumer demand and trading activity.”
The company has added that the results are broadly in line with those in the fourth quarter. Over the past three months of 2021, the firm generated $1.96 billion in digital gold sales for a profit of $46 million.
Block’s combined revenue for the first quarter was $3.96 billion. The company recorded a net loss of $204 million, although it posted a gross profit of $1.29 billion.
