Block received $1.96 billion from the sale of bitcoin in the quarter

by in Cryptocurrency News

Block

In the fourth quarter of 2021, Block (formerly Square) generated $1.96B in bitcoin sales through the Cash App, developing a gross profit of $46M for the firm.

The company's total revenue for the period reached $4.08 billion, up 29% year on year.

In 2021, Block's revenue increased by 86% to $17.66 billion. The firm posted a gross profit of $4.42 billion, up 62%.

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However, the company's net annual income was $166 million, of which $77 million came in the fourth quarter.

The main drivers of growth in financial performance in Block are called the Cash Card offer and payment services for merchants of the Square ecosystem.

The acquisition of Australian installment service Afterpay also contributed to the expansion of the company's product offering, the report said.