American financial services and digital payments company, Block Inc has published its Fourth-quarter earnings report in which it amassed $1.96 billion in the sales of Bitcoin (BTC), a 12% year-over-year increase. According to the earning highlights, this income was brought in through Cash App in the last quarter of the year.
The company reported a gross profit of up to $46 million in Bitcoin from Cash App during the period representing a 14% year-over-year increase. Annually, Cash App recorded a surplus of $10 billion in the sales of BTC last year. This amounted to a total of $218 million in profit.
Block historically accumulated a gross profit of $1.18 billion in the Q4 of 2021, and the cumulative revenue for the payment company was $4.08 billion representing a 29% year-over-year increase. This goes beyond the estimated value of $4.04 billion by analysts.
Other records of the fintech company’s investments yielded a revenue of $2.12 billion representing a 51% year-over-year leap. The earnings per share (EPS) of the company climbed to $0.27 against the $0.19 that was predicted.
The company explained that BTC proceeds and gross profit has been boosted from YoY increases noticeable in Bitcoin price and the amount of active BTC traded. When compared to the third quarter of last year, it was noticed that the growth was based on a quarter over a quarter basis which was influenced by volatility increase in BTC price.
This in turn impacted the trading activities in comparison to the previous quarter. By the time 2021 was coming to an end, the firm’s Bitcoin trade ‘fair value’ had reached $371 million, going beyond the ‘carrying value’ with a difference of $149 million.
The Fluctuation on Bitcoin Price as Russia-Ukraine Battles
The price of BTC is currently regressing with the latest Russia-Ukraine battle. There has been a massive dump of the coin overnight by investors. The market capitalization is presently down and has been pegged at $1.58 trillion.
Notwithstanding the dim of rays on the Bitcoin general market, the flagship digital currency has experienced a notable recovery from $34,459.22 which was the price as at the time news of the Russia-Ukraine war came.