Block, formerly known as Square, said Thursday that it generated $1.73 billion worth of bitcoin sales via Cash App during 2022's first quarter.
During that period, these sales generated $43 million in bitcoin gross profit, per the shareholder letter released after the close of market.
"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. On a two-year CAGR basis, bitcoin revenue and gross profit grew 138% and 155%, respectively," Block said in its shareholder letter, adding:
"The year-over-year decrease in bitcoin revenue and gross profit was driven primarily by relative stability in the price of bitcoin during the quarter, which affected consumer demand and trading activity compared to the prior year period. Bitcoin revenue and gross profit were relatively consistent compared to the fourth quarter of 2021. In future quarters, bitcoin revenue and gross profit may fluctuate as a result of changes in customer demand or the market price of bitcoin."
Cash App brought in $2.46 billion of revenue and $624 million of gross profit during this first quarter.
Overall, Block saw total net revenue of $3.96 billion, representing a 22% year-over-year increase.
During the fourth quarter of 2021, Cash App brought in $1.96 billion worth of bitcoin sales, producing $46 million in gross profits from bitcoin. Broken out annually, the firm's 2021 haul came in at just over $10 billion in bitcoin sales, representing $218 million in gross profit in that category.
Block will hold an investor call at 5 p.m. ET to discuss the results.
This story will be updated with additional information.
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