Formerly known as Square, fintech and digital payments giant Block (SQ), reported its first-quarter results on Thursday with figures that missed the analysts’ expectations
While analysts were expecting $4.1 billion, total revenue for the quarter was $3.96 billion. Leaving out Bitcoin, total net revenue was $2.23 billion, an increase of 44% year-on-year. Adjusted earnings per share were 18 cents, versus analysts’ 20 cents estimates.
Block’s prime product, its peer-to-peer payments service Cash App, was good for $1.73 billion in Bitcoin transactions and $43 million of gross profit in the first quarter. In Q4 of last year, Block generated $1.96 billion in bitcoin transactions and $46 million of gross profit.
In its statement, Block noted that as of the end of the quarter, more than 10 million Cash App accounts started buying, selling or holding Bitcoin since the feature was introduced