"Block's Bitcoin Bet Pays Off: Shares Surge on Surprise Profit and Upbeat Guidance"
TL;DR Summary
Fintech company Block, owned by Jack Dorsey, reported a $207 million gain on its bitcoin holdings in its fourth-quarter earnings report, with approximately 8,038 BTC for investment purposes. The company made $66 million in gross profit on bitcoin sales last quarter through Cash App, with shares of Block (NASDAQ: SQ) rising 13% in after-hours trading to $76. Overall, Block reported a 22% yearly growth in gross profit to $2.03 billion, with Square generating a gross profit of $828 million and Cash App generating a gross profit of $1.18 billion.
- Jack Dorsey’s Block Is Sitting on $207M Gain on Its Bitcoin Bet CoinDesk
- Block shares surge as much as 14% after company announces surprise profit CNBC
- SQ Stock: Square Earnings Miss Estimates, Shares Rise On 2024 Outlook Investor's Business Daily
- Jack Dorsey's Block sold $2.52 billion worth of bitcoin in Q4, up 37% YoY The Block
- Block soars on upbeat guidance Yahoo Finance
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