Block, Inc. (previously known as Square), a crypto-friendly digital payments software firm, reported $1.18 billion in gross earnings in Q4, up 47 percent from the same period in 2020.
The company, which is led by Bitcoin maxi, After a $29 billion acquisition, Jack Dorsey now has various company entities, including Cash App, Square, and the newly acquired buy now pay later (BNPL) firm Afterpay.
Block released its 2021 Q4 report on Feb. 24, revealing considerable gross profit increases across Cash App and Square, with each company making $518 million and $657 million, respectively, representing YoY gains of 37 percent and 54 percent.
In total, the corporation earned $4.42 billion in gross profit in 2021. Thereby, representing a 62 percent increase over the previous year. The statistics should be taken with a grain of salt, as Block’s net profit after expenses for Q4 was only $77 million
($166 million for all of 2021), implying high operational costs.
Cash App’s Cash Card and Square’s seller ecosystem are as as important drivers of Q4 growth. That’s, with the Cash Card seeing over 13 million active users in December. Then, and 38% of sellers utilizing four or more Square business products.
Block also stressed the importance of the Afterpay arrangement for 2022. Thereby, stating that it will allow the company to dramatically expand its capabilities and products this year. According to the firm,
“On January 31, we completed our acquisition of Afterpay, a global “buy now, pay later” (BNPL) platform.”
” We believe this acquisition will further Block’s strategic priorities for Square and Cash App”
” by strengthening the connections between our ecosystems as we deliver compelling financial”
” products and services for consumers and merchants.”
Block has been expanding its crypto footprint recently.
Dorsey is understood to be primarily focused on scaling the Block’s crypto activities after stepping down from Twitter in November.
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