Rose

Bitcoin

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<p class="has-drop-cap">Block, a payments and technology firm founded by Twitter co-founder Jack Dorsey, published its financial report for <a aria-label="Q1 2023 (opens in a new tab)" href="https://s29.q4cdn.com/628966176/files/doc_financials/2023/q1/Shareholder-Letter_Block_1Q23.pdf" target="_blank" rel="noreferrer noopener nofollow" class="deco-link">Q1 2023</a> that showed notable revenue and Cash App growth. The company’s shares rose 4.2% ahead of the market open on Friday.</p> 
<h3 id="block-s-revenue-rose-26-annually">Block’s Revenue Rose 26% Annually</h3> 
<p>Shares of Block are up 4.2% in premarket trading Friday after the fintech firm reported better-than-expected earnings and revenue for Q1 2023 as its Cash App continued to see strong growth. The stock stood at 60.43$ at the time of the writing.</p> 
<p>Block’s total net revenue came in at $4.99 billion in the quarter that ended Mar. 31, up 26% year-over-year. This compares to consensus estimates of $4.59 billion, according to Refinitiv.</p> 
<p>Block reported a Bitcoin gross profit of $50 million in Q1, while the total sale amount of bitcoin sold to customers – which the company recognizes as bitcoin revenue in the report – stood at $2.16 billion. Bitcoin gross profit was 2% of bitcoin revenue, the report added.</p> 
<p>Total gross profit in the quarter rose 32% from a year ago to $1.71 billion. Gross profit from Cash App jumped 49% year-over-year to $931 million, while Square generated a gross profit of $770 million, 16% higher than in the same quarter last year.</p> 
<p>Block said it did not recognize a bitcoin impairment loss in Q1 2023. This marks a notable improvement in Block’s bitcoin operations from the previous quarter when the <a href="https://tokenist.com/block-reports-47m-impairment-loss-on-bitcoin-investment-for-2022/" rel="dofollow" class="deco-link">company posted</a> a bitcoin impairment loss of $47 million.</p> 
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<h3 id="cash-app-seeing-growth-despite-hindenburg-s-allegations">Cash App Seeing Growth Despite Hindenburg’s Allegations</h3> 
<p>Block’s strong Q1 results, particularly its Cash App growth, will likely be closely followed by investors after US short-seller <a href="https://tokenist.com/hindenburg-research-accuses-jack-dorseys-block-of-fraud/" rel="dofollow" class="deco-link">Hindenburg Research disclosed</a> its short position in Jack Dorsey’s payments firm.</p> 
<p>In March, Hindenburg disclosed it had shorted Block and accused the company of committing “frictionless” fraud, inflating Cash App user numbers, and ignoring anti-money laundering regulations, among numerous other allegations. <a aria-label="Hindenburg’s report (opens in a new tab)" href="https://hindenburgresearch.com/block/" target="_blank" rel="noreferrer noopener nofollow" class="deco-link">Hindenburg’s report</a> came just months after the <a aria-label="company described (opens in a new tab)" href="https://hindenburgresearch.com/adani/" target="_blank" rel="noreferrer noopener nofollow" class="deco-link">company described</a> India’s Adani Group as “the largest con in corporate history.”</p> 
<p>But Jack Dorsey’s company quickly denied<a href="https://tokenist.com/block-responds-to-hindenburgs-allegations-will-explore-legal-action/" rel="dofollow" class="deco-link"> Hindenburg’s allegations</a>, saying it would take legal action against the short seller after its “inaccurate and misleading” claims. There have been no significant developments in the Block-Hindenburg story since then.</p> 
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<p><em><strong>Cash App continued to grow in the latest quarter despite Hindenburg’s serious allegations against the payments app. What do you think this suggests? Let us know in the comments below.</strong></em></p> 
<p>The post <a rel="nofollow" href="https://tokenist.com/block-shares-up-4-in-premarket-as-company-reports-solid-q1-results/">Block Shares Up 4% in Premarket as Company Reports Solid Q1 Results</a> appeared first on <a rel="nofollow" href="https://tokenist.com">Tokenist</a>.</p>

Block Shares Up 4% in Premarket as Company Reports Solid Q1 Results

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