Jack Dorsey-led Block generated $2.52 billion in total Bitcoin (BTC) sales to customers in the fourth quarter of 2023, up 37% year-over-year.
Additionally, Block received $207 million in overvalued Bitcoin assets. At the end of last year, Block had about 8,038 BTC, worth about $340 million.
“The year-over-year increase in bitcoin revenue and gross profit was driven by an increase in the average market price of bitcoin as well as a benefit from the price appreciation of our bitcoin inventory during the quarter.”
Block report
Additionally, the company’s mobile payment platform, Cash App, made a profit of $66 million from the sale of Bitcoin. Bitcoin’s gross profit is up 90% year-over-year.
Following Thursday’s main session in New York, the company’s shares rose by 5.4% and closed at $67.96. On news of robust post-market reporting, quotes rose another 13.2% to $76.9. This is the maximum since December 2023.
Twitter, now known as X creator Jack Dorsey’s payments company has focused on streamlining production, which paid off last quarter. However, Block laid off over 1,000 employees, or 10% of its workforce, in late January, to streamline operations. According to the memo journalists reviewed, the layoffs affected employees who worked in the Cash App, Foundational, and Square divisions.
