Jack Dorsey’s Block hits $1.3B in Q1 profits, $43M in BTC trading revenue
Cointelegraph
Published May 19, 2022 09:28AM ET
Updated May 19, 2022 11:00AM ET
Block, the pro-Bitcoin (BTC) umbrella company that hosts Cash App, Square and Afterpay, continues its growth in 2022. According to its Shareholder letter, in the first quarter of 2022, gross profits are “up 34% year over year.”
In total, the group netted $1.29 billion in gross profits. However, operating costs were also up “$1.52 billion in the first quarter of 2022, up 70% year over year.” The group explains that the acquisition of Afterpay, a buy now pay later service, could explain the increasing costs.
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Written By: Cointelegraph
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