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Jack Dorsey’s payment company Block Inc. reported $1.83 billion of Bitcoin (
$63,012.00 ) (BTC) revenue from its Cash App business unit in the fourth quarter, representing a 7% fall from the same time last year.
In its Q4 and full-year results announced on Feb. 23, Block cited the fall in Bitcoin ( $63,012.00 ) revenue to the decline in BTC price in the year — which fell approximately 65% throughout 2022.
This fall in revenue led to a 25% year-on-year drop in Bitcoin ( $63,012.00 ) gross profit for Cash App, which fell to $35 million in the quarter.
Cash App is a mobile phone payment processing app created by Block, which added support for transactions via the Bitcoin ( $63,012.00 ) Lightning Network on Oct. 25, 2022. It generates Bitcoin ( $63,012.00 ) revenue by selling Bitcoin ( $63,012.00 ) to customers through the app.
Cash App gross profit graph from Q4, 2021 to Q4, 2022 Source: Block Inc Q4 shareholder’s letter
For the full 2022 year, Cash App generated $7.11 billion of Bitcoin ( $63,012.00 ) revenue and $156 million of Bitcoin ( $63,012.00 ) gross profit, decreasing 29% and 28% compared to 2021, respectively.
Meanwhile, Block Inc. reported a widened net loss of $114 million for the quarter compared to a loss of $77 million in 2021. Its adjusted EBITDA increased 53% to $281 million compared to the same time last year. Total revenue in the quarter was $4.65 billion.
Related: Bitcoin ( $63,012.00 ) bears attempt to pin BTC price under $23K ahead of this month’s options expiry
The share price of Block jumped in after-hours trading following the earnings report.
Block Inc. (SQ) share price action over the last day. Source: Barron’s
Some analysts have attributed the jump to the firm’s gross profit growth, which was up 40% in Q4 compared to the prior year, and also beat analyst expectations.
$1,696.40 ) 
