Block, a crypto-friendly digital payments’ software firm, reported gross earnings of $1.18 billion in Q4, up 47 percent from the same period in 2020.
On February 24, Block released its Q4 2021 report, highlighting significant gross profit increases across Cash App and Square, with each firm earning $518 million and $657 million, respectively, representing YoY gains of 37 percent and 54 percent.
In 2021, the corporation generated a total of $4.42 billion in gross profit, up 62 percent over the previous year. The figures should be viewed with caution, as Block’s net profit after expenses for the fourth quarter was only $77 million ($166 million for the entire year of 2021), reflecting substantial operational costs. The Cash Card from Cash App and Square’s seller ecosystem were cited as key drivers of Q4 growth, with the Cash Card boasting over 13 million active users in December and 38% of sellers using four or more Square business products.
Block also emphasised the significance of the Afterpay agreement for 2022, claiming that it will enable the company to significantly expand its capabilities and goods this year.