Block Outperforms Estimates As Cash App Sales Rise by emilymason00
, which it will use to accelerate a program to make bitcoin mining equipment aimed at encouraging new entrants into that business. The company is also working to produce its own chips. Block’s acquisition of rapper Jay-Z’s music streaming service Tidal falls under this category of long-term ecosystem investments.
“Our real value comes from our multiple ecosystems working to positively reinforce one another and provide resiliency through challenging times,” CEO Jack Dorsey said. However, the company must balance long term ambitions with short term results for shareholders. In order to deliver on that, Block deferred some investments planned for Q1 to later in the year and slowed the pace of hiring, according to chief financial officer Amrita Ahuja. “Our goal is investing responsibly to deliver profitable growth,” Ahuja said.
Cash App’s gross profit was $931 million, up 49% from last year. Square, the company’s merchant terminal and payment processing business saw gross payment volume rise 17% to $48.6 billion. Revenue from selling the company’s flagship terminals held steady from the same time last year at $37 million, bringing a gross loss of $21 million. The company claimed the terminals are a customer acquisition tool rather than a profitability driver. Block is focusing on creating specialized software offerings within its Square platform for restaurant, retail and beauty clients.
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