Block Misses Q1 Estimates, Posts $1.73B in Bitcoin Transactions

The payments firm formerly known as Square said it didn’t record any bitcoin impairment charges in the quarter.

AccessTimeIconMay 5, 2022 at 8:32 p.m. UTC
Updated May 11, 2023 at 4:15 p.m. UTC
10 Years of Decentralizing the Future
May 29-31, 2024 - Austin, TexasThe biggest and most established global hub for everything crypto, blockchain and Web3.Register Now

Fintech and digital payments giant Block (SQ), formerly Square, reported late Thursday first-quarter results that missed analysts' expectations.

Total revenue for the quarter was $3.96 billion, compared with the $4.1 billion that analysts were expecting on average according to FactSet. Excluding bitcoin, total net revenue was $2.23 billion, up 44% from the same period a year ago. Adjusted earnings per share were 18 cents, compared with analysts' average estimate of 20 cents.

Cash App, a peer-to-peer payments service that allows users to directly buy and sell bitcoin, generated $1.73 billion in bitcoin transactions and $43 million of gross profit in the first quarter. In the fourth quarter of last year, Block generated $1.96 billion in bitcoin transactions and $46 million of gross profit.

The company didn't recognize any impairment losses in the quarter on bitcoin and said that as of March 31, the fair value of its investment in bitcoin was $366 million, versus the carrying value of the investment of $149 million.

Block said in its statement that as of the end of the quarter, more than 10 million Cash App accounts had bought bitcoin since the product was introduced.

Shares of Block rose about 4% to $99.50 in after-hours trading on Thursday. Shares fell more than 10% on Thursday ahead of its earnings release, as the Nasdaq dropped 5%.

The company will be holding an earnings call with analysts at 5 p.m. ET.


Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk offers all employees above a certain salary threshold, including journalists, stock options in the Bullish group as part of their compensation.

Author placeholder image

Michael Bellusci is CoinDesk's crypto reporter focused on public companies and digital asset firms.

Learn more about Consensus 2024, CoinDesk's longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to to register and buy your pass now.