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Block’s Q4 Bitcoin revenue down 7% on crypto price decline

Published 02/23/2023, 08:40 PM
Updated 02/23/2023, 10:20 PM
© Reuters
BTC/USD
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Jack Dorsey’s payment company Block Inc. reported $1.83 billion of Bitcoin (BTC) revenue from its Cash App business unit in the fourth quarter, representing a 7% fall from the same time last year.

In its Q4 and full-year results announced on Feb. 23, Block attributed the fall in Bitcoin revenue to the decline in BTC price in the year. Bitcoin fell approximately 65% throughout 2022.

Cash App gross profit graph from Q4, 2021 to Q4, 2022 Source: Block Inc Q4 shareholder letter
Block Inc. (SQ) share price action over the last day. Source: Barron’s

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