Block, previously known as Square, has reported its first-quarter results for 2024. The total revenue amounted to $5.957 billion, marking a 19% increase from the same period in the previous year. The company achieved a net profit of $472 million, with a gross profit of $2.094 billion, representing a 22% increase.
The Cash App business segment, which serves as the company’s primary revenue source, saw a 25% increase in gross profit, reaching $1.26 billion. The number of Cash App Card users also grew to 24 million in the past quarter.
Jack Dorsey, the CEO and co-founder of Block, emphasized the company’s focus on Bitcoin. He confirmed that only 3% of the company’s resources are allocated to various Bitcoin-related projects. While not dedicating all resources to this area, Dorsey believes that the world needs a new financial protocol that is transparent and not controlled by any single entity. Block aims to develop tools to make accessing and using Bitcoin easy and secure. The company plans to use 10% of its gross profit, specifically for Bitcoin-related activities, to invest in Bitcoin every quarter. Currently, the company holds approximately $573 million worth of Bitcoin.
TLDR: Block, formerly Square, reported a 19% increase in total revenue and a 22% increase in gross profit for the first quarter of 2024. The Cash App business segment saw a 25% growth in gross profit and an increase in users. CEO Jack Dorsey highlighted the company’s focus on Bitcoin and its efforts to develop tools for secure and easy access to Bitcoin, utilizing 10% of gross profit for Bitcoin investments quarterly.
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