Outside Source
Jack Dorsey-led Block generated $2.52 billion in total Bitcoin (BTC) sales to customers in the fourth quarter of 2023, up 37% year-over-year.
Additionally, Block received $207 million in overvalued Bitcoin assets. At the end of last year, Block had about 8,038 BTC, worth about $340 million.
“The year-over-year increase in bitcoin revenue and gross profit was driven by an increase in the average market price of bitcoin as well as a benefit from the price appreciation of our bitcoin inventory during the quarter.”
Block report
Additionally, the company’s mobile payment platform, Cash App, made a profit of $66 million from the sale of Bitcoin. Bitcoin’s gross profit is up 90% year-over-year.
Following Thursday’s main session in New York, the company’s shares rose by 5.4% and closed at $67.96. On news of robust post-market reporting, quotes rose another 13.2% to $76.9. This is the maximum since December 2023.
Twitter, now known as X creator Jack Dorsey’s payments company has focused on streamlining production, which paid off last quarter. However, Block laid off over 1,000 employees, or 10% of its workforce, in late January, to streamline operations. According to the memo journalists reviewed, the layoffs affected employees who worked in the Cash App, Foundational, and Square divisions.
This article first appeared at crypto.news
