Block, a leading US financial services and digital payments company, released its financial results for the first three months of 2022 yesterday. During the first quarter, the company faced challenges in different segments. While gross profit increased 34% year-on-year, the company’s total net income fell about 22% year-on-year.
In the first quarter of 2022, the Cash app generated revenue of $2.46 billion and gross profit of $624 million. Compared to the same period last year, revenue related to the Cash application decreased by 39%. As for Bitcoin revenue, the Cash app generated $1.73 billion in the first quarter. The number has decreased by more than 50% compared to the same period last year.
“We achieved impressive broad-based growth in the first quarter of 2022. Gross profit increased 34% year-over-year to $1.29 billion, up 55% based on two-year compound annual growth rate (CAGR). Afterpay contributed $92 million in gross profit during the months of February and March, with $46 million in gross profit recognized in Cash App and Square. Excluding Afterpay, gross profit was $1.20 billion, up 25% year-over-year and 49% on a two-year CAGR basis,” Block noted in a letter to its shareholders.
“Our Cash App ecosystem generated gross profit of $624 million, an increase of 26% year-over-year and, excluding Afterpay, 17% year-over-year. Our Square ecosystem generated gross profit of $661 million, an increase of 41% year-over-year and, excluding Afterpay, 31% year-over-year,” the letter adds.
After-payment
In 2021, Block (formerly known as Square) announced its intention to acquire Australia’s leading BNPL player Afterpay in a deal worth $29 billion.
According to Block, Afterpay contributed $65 million in revenue and $46 million in gross profit to Cash App in the first three months of 2022.
Block, a leading US financial services and digital payments company, released its financial results for the first three months of 2022 yesterday. During the first quarter, the company faced challenges in different segments. While gross profit increased 34% year-on-year, the company’s total net income fell about 22% year-on-year.
In the first quarter of 2022, the Cash app generated revenue of $2.46 billion and gross profit of $624 million. Compared to the same period last year, revenue related to the Cash application decreased by 39%. As for Bitcoin revenue, the Cash app generated $1.73 billion in the first quarter. The number has decreased by more than 50% compared to the same period last year.
“We achieved impressive broad-based growth in the first quarter of 2022. Gross profit increased 34% year-over-year to $1.29 billion, up 55% based on two-year compound annual growth rate (CAGR). Afterpay contributed $92 million in gross profit during the months of February and March, with $46 million in gross profit recognized in Cash App and Square. Excluding Afterpay, gross profit was $1.20 billion, up 25% year-over-year and 49% on a two-year CAGR basis,” Block noted in a letter to its shareholders.
“Our Cash App ecosystem generated gross profit of $624 million, an increase of 26% year-over-year and, excluding Afterpay, 17% year-over-year. Our Square ecosystem generated gross profit of $661 million, an increase of 41% year-over-year and, excluding Afterpay, 31% year-over-year,” the letter adds.
After-payment
In 2021, Block (formerly known as Square) announced its intention to acquire Australia’s leading BNPL player Afterpay in a deal worth $29 billion.
According to Block, Afterpay contributed $65 million in revenue and $46 million in gross profit to Cash App in the first three months of 2022.
