Block, one of the most famous crypto-friendly digital payments firms, recently posted a net profit of $1.18 billion in Q4. This went on to represent a growth of around 47% over the same period for the year 2020. This firm, which has been led by Jack Dorsey, has seen quite a few multiple business arms that include Square, Cash App, and the recently acquired BNPL firm Afterpay. This came after the deal worth $29 billion went on to close officially at the end of the previous month.
Block Managed An Impressive Q4 Profit Margin
The Q4 report of Block was posted on the 24th of February, with the firm revealing major gross profit increases across Square and Cash App. Each of the firms managed to generate a profit margin of $518 million and $657 million apiece to mark YoY gains of 37% and 54% respectively. As a whole, the company went on to generate a sum of $4.42 billion worth of gross profits for the entirety of the previous year. This definitely marked the YoY growth for 2020 to be settled at 62%. The impressive figures, regardless, need to be taken with a major pinch of salt.
Block also pointed towards the ecosystem of Square and the seller system of Cash App’s Cash Card as the major players such impressive Q4 growth. The report also noted that the Cash Card had seen around 13 million active users in December with close to 38% of the sellers using four or more Square business products.
For 2022, Block has major plans which would highlight the importance of the Afterpay deal as it will help the firm in scaling up its offerings as well as products for the year.
