Summary
TLDR: Block, led by Jack Dorsey, made $66 million in Bitcoin sales profit last quarter through Cash App, with a 90% increase year over year. The company’s Q4 earnings report led to a stock price rally. They held 8,038 Bitcoins worth around $340 million and recognized a $207 million gain from their investment. Mobile Cash App generated $205 million in Bitcoin gross profit in 2023. Revenues increased to $9,498,302 for the fiscal year ending December 31, 2023. Dorsey emphasized the role of AI in future financial services during the earnings call.
Key Points
1. Block, the fintech firm led by former Twitter CEO Jack Dorsey, made $66 million in gross profit on its Bitcoin sales last quarter through Cash App—a 90% increase year over year.
2. The company’s fourth-quarter 2023 earnings report was released on Thursday, prompting a stock price rally for NASDAQ:SQ, up 12.35% in after-hours trading to $76.10, from $67.96 when the markets closed.
3. Block emphasized the importance of easy, connected banking features and reliability in Cash App, with a focus on AI’s increased role in future financial services.