Block Announced 47% Growth in Gross Profits During Q4 2021

Jack Dorsey’s fintech startup Block has announced its gross profits for Q4 2021, which reached a total of $1.18 billion and an increase in the company’s bitcoin services.

Block, which was formerly known as Square reported in a letter to shareholders a $1.18 billion gross profit for Q4 2021, an increase of 47% year over year. Also, the company’s sellers have adopted more of Square’s ecosystem over time, the firm added.

The US-based financial services and digital payments company announced that its revenue for the whole year of 2021 totaled $4.42 billion, which represent a 62% growth year over year. Revenue from bitcoin purchases represented $1.96 billion of that.

The company’s Q4 gross profits, which stood at $1.18 billion, grew 47% over the same period a year ago. Cash app gross profits totaled $518 million, while Square gross profits accounted for $657 million.

As was anticipated in the light of the positive results, Block’s stocks also went by more than 40% in a matter of 24 hours. The SQ shares closed on Friday at approximately $120.

This marked the first financial report, since Jack Dorsey stepped down as the CEO of Twitter and is now fully focused with Block’s mission.