Jack Dorsey’s Block hits $1.3B in Q1 profits, $43M in BTC trading revenue -Breaking
Block (pro-Bitcoin)BTC(Umbrella company which hosts Afterpay, Square, and Cash App. It will continue its growth into 2022. According to its Shareholder letter, in the first quarter of 2022, gross profits are “up 34% year over year.”
Total gross profit for the group was $1.29 Billion. However, operating costs were also up “$1.52 billion in the first quarter of 2022, up 70% year over year.” The group explains that the acquisition of Afterpay is a Buy Now Pay Later serviceThis could be the reason for rising costs.