{"id":189901,"date":"2023-05-05T10:00:00","date_gmt":"2023-05-05T14:00:00","guid":{"rendered":"https:\/\/ibkrcampus.com\/?p=189901"},"modified":"2023-05-05T10:25:55","modified_gmt":"2023-05-05T14:25:55","slug":"block-shares-up-4-in-premarket-as-company-reports-solid-q1-results","status":"publish","type":"post","link":"https:\/\/www.interactivebrokers.com\/campus\/traders-insight\/securities\/stocks\/block-shares-up-4-in-premarket-as-company-reports-solid-q1-results\/","title":{"rendered":"Block Shares Up 4% in Premarket as Company Reports Solid Q1 Results"},"content":{"rendered":"\n

In contrast to recent quarters, Block did not report a Bitcoin impairment loss in Q1 2023.<\/strong><\/p>\n\n\n\n

Block, a payments and technology firm founded by Twitter co-founder Jack Dorsey, published its financial report for Q1 2023<\/a> that showed notable revenue and Cash App growth. The company\u2019s shares rose 4.2% ahead of the market open on Friday.<\/p>\n\n\n\n

Block\u2019s Revenue Rose 26% Annually<\/h2>\n\n\n\n

Shares of Block are up 4.2% in premarket trading Friday after the fintech firm reported better-than-expected earnings and revenue for Q1 2023 as its Cash App continued to see strong growth. The stock stood at 60.43$ at the time of the writing.<\/p>\n\n\n\n

Block\u2019s total net revenue came in at $4.99 billion in the quarter that ended Mar. 31, up 26% year-over-year. This compares to consensus estimates of $4.59 billion, according to Refinitiv.<\/p>\n\n\n\n

Block reported a Bitcoin gross profit of $50 million in Q1, while the total sale amount of bitcoin sold to customers \u2013 which the company recognizes as bitcoin revenue in the report \u2013 stood at $2.16 billion. Bitcoin gross profit was 2% of bitcoin revenue, the report added.<\/p>\n\n\n\n

Total gross profit in the quarter rose 32% from a year ago to $1.71 billion. Gross profit from Cash App jumped 49% year-over-year to $931 million, while Square generated a gross profit of $770 million, 16% higher than in the same quarter last year.<\/p>\n\n\n\n

Block said it did not recognize a bitcoin impairment loss in Q1 2023. This marks a notable improvement in Block\u2019s bitcoin operations from the previous quarter when the company posted<\/a> a bitcoin impairment loss of $47 million.<\/p>\n\n\n\n

Cash App Seeing Growth Despite Hindenburg\u2019s Allegations<\/h2>\n\n\n\n

Block\u2019s strong Q1 results, particularly its Cash App growth, will likely be closely followed by investors after US short-seller Hindenburg Research disclosed<\/a> its short position in Jack Dorsey\u2019s payments firm.<\/p>\n\n\n\n

In March, Hindenburg disclosed it had shorted Block and accused the company of committing \u201cfrictionless\u201d fraud, inflating Cash App user numbers, and ignoring anti-money laundering regulations, among numerous other allegations. Hindenburg\u2019s report<\/a> came just months after the company described<\/a> India\u2019s Adani Group as \u201cthe largest con in corporate history.\u201d<\/p>\n\n\n\n

But Jack Dorsey\u2019s company quickly denied Hindenburg\u2019s allegations<\/a>, saying it would take legal action against the short seller after its \u201cinaccurate and misleading\u201d claims. There have been no significant developments in the Block-Hindenburg story since then.<\/p>\n\n\n\n

—<\/p>\n\n\n\n

Originally Posted May 5, 2023 – Block Shares Up 4% in Premarket as Company Reports Solid Q1 Results<\/a><\/p>\n\n\n\n

Disclosure:<\/strong> Tim Fries has no positions in any of the stocks mentioned, and has no plans to initiate any positions within the 72 hours following the publishing of this article. This article expresses the opinions of Tim Fries. Tokenist Media LLC has no position in any of the stocks mentioned, and does not plan to initiate any positions within 72 hours of the publishing of this article. Please consult our website policy for more information.<\/p>\n","protected":false},"excerpt":{"rendered":"

In contrast to recent quarters, Block did not report a Bitcoin impairment loss in Q1 2023.<\/p>\n","protected":false},"author":501,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":"","jetpack_post_was_ever_published":false},"categories":[6,8,9,22,26,3],"tags":[14555,267,1098],"contributors-categories":[13710],"class_list":["post-189901","post","type-post","status-publish","format-standard","category-north-america","category-region","category-securities","category-stocks","category-text-articles","category-traders-insight","tag-block","tag-earnings","tag-square","contributors-categories-the-tokenist"],"pp_statuses_selecting_workflow":false,"pp_workflow_action":"current","pp_status_selection":"publish","acf":[],"yoast_head":"\nBlock Shares Up 4% in Premarket as Company Reports Solid Q1 Results<\/title>\n<meta name=\"description\" content=\"In contrast to recent quarters, Block did 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