Twitter founder Jack Dorsey’s payment platform, Block (formerly known as Square), has announced its first-quarter financial report for 2024. The report shows a 22% increase in gross profit compared to the same period last year, reaching $2.09 billion. It also highlights strong revenue growth for Square and Cash App. Additionally, the rise of Bitcoin has resulted in Block gaining over $200 million in unrealized gains this quarter. As a result, SQ stock price rose over 7% in after-hours trading on Thursday.
Jack Dorsey Envisions a Bitcoin Revolution: Block's Impressive Financial Report Boosts BTC Profits by $200 Million