Block's Bitcoin business reported a gross profit of $35 million in the fourth quarter of 2022, a 25% year-on-year decline, with an annual Bitcoin impairment loss of $47 million

2023-02-24 07:33:20

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ChainCatcher news, Block released its latest financial report indicating that the gross profit from its Cash App's Bitcoin business in the fourth quarter decreased by a quarter to $35 million. The Bitcoin business generated $1.83 billion in revenue, a year-over-year decline of 7%.

It is reported that the year-over-year decline in Bitcoin revenue and gross profit was influenced by the drop in Bitcoin prices. Cash App's Bitcoin business generated $7.11 billion in revenue and $156 million in gross profit for the entire year of 2022, representing year-over-year declines of 29% and 28%, respectively. After-hours stock prices rose by more than 2%.

Additionally, in the fourth quarter of 2022, the company confirmed a Bitcoin impairment loss of $9 million on its investments, with a total confirmed Bitcoin impairment loss of $47 million for the entire year. (source link)

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