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Block, formerly Square, has reported its gross profits for the last quarter of 2021. The profits reached $1.18 billion, a 47% increase from the same period last year.
Block is a company founded by Jack Dorsey, the former Twitter CEO. The company focuses on Bitcoin and blockchain technology. Block is also the firm behind CashApp, a leading payments platform.
Block’s Q4 2021 profits increase by 47%
Besides the increase in Q4 gross profits, the company has also seen a significant expansion in its Bitcoin services. Dorsey is a Bitcoin maximalist, and he has been actively involved in the technology that will support the growth of the Bitcoin network.
According to the financial results, Block’s revenue for the 2021 fiscal year reached $4.42 billion, higher than the previously estimated $4.01 billion. The revenues have increased by 62% on a year over year basis. Out of the $1.18 billion in gross profits, $518 million came from CashApp. Gross profits from Square totalled $657 million.
Following the impressive financial results, Block’s shares have recorded significant growth, having surged by 26.14% at the time of writing. The shares closed Friday at $119.82. This is the first time Block is publishing its financial results since Dorsey resigned as Twitter’s CEO.
Block’s efforts in the crypto sector
In October 2021, Dorsey announced that Block would be involved in several Bitcoin initiatives, such as creating a Bitcoin mining system. This system would involve customized ASICs and open-source development. According to Dorsey, Bitcoin mining needed to be energy-efficient.
Square has also been actively making investments in the digital asset sector. It invested $75.5 million to buy a 35% stake at the Korbit cryptocurrency exchange. Square is currently the second-largest shareholder at the exchange. The largest shareholder at Korbit is Nexon, with a 48% ownership.
Towards the end of 2021, Square was rebranded into Block, enabling it to dive deeper into the blockchain sector. Dorsey said that the firm was still committed to economic empowerment despite the name change. The rebranding of Square to Block also coincided with Dorsey’s resignation from Twitter. Even while working at Twitter, Dorsey was still committed to Bitcoin initiatives.
“If I were not at Square or Twitter, I would be working on Bitcoin. If it needed more help than Square or Twitter, I would leave them for Bitcoin. But, I believe that both companies have a role to play,” Dorsey said last year.
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