Jack Dorsey’s Block Inc. Meets Revenue Goals in Q4 Despite Missing Expectations
Jack Dorsey's Block Inc. announced its Q4 2022 earnings, which missed expectations but still achieved its revenue goals.
Block revealed that its gross earnings are up 40% YoY to $1.66 billion and had $7.5 billion in liquidity in Q4 2022, and the adjusted EBITDA (еarnings before interest, taxes, depreciation, and amortization) significantly contributed to this.
Its liquidity compromises $6.9 billion in cash, cash equivalents, restricted cash, investments in marketable debt securities, and $600 million that could be withdrawn from the revolving credit line.
The company’s gross profit for the year was $5.99 billion, up 36% from the previous year.
Following the earnings release, Block’s stock price increased by approximately 8.8% in extended trading.
Cash App, Block’s subsidiary, generated $848 million in gross profit, up 64% YoY.
READ MORE: Crypto Community Raises Millions for Earthquake Relief in Turkey and Syria
According to Dan Dolev, a Mizuho senior financial technology analyst, Block’s superior EBITDA performance was expected, but Cash App and point-of-sale seller KPIs were somewhat disappointing.
He believes that Bitcoin has been a significant problem for Block and that the excessive focus on Bitcoin has undermined its story. He remarked that the story is changing with less emphasis on Bitcoin.
Alexander Stefanov
Reporter at CoinsPress
Alex is Editor-in-Chief of Coinspress and co-founder of Millennial Media Group, with nearly a decade of experience covering financial markets - crypto first, then everything else. It started in 2016 with Bitcoin. Like most people at the time, he didn't fully understand it - so he kept digging. Blockchain, tokenomics, the projects, the cycles. That curiosity never stopped, and eventually pulled him into traditional markets too: equities, commodities, macro. Not because he left crypto behind, but because you can't properly understand one without the other. What drives him is straightforward: he wants to know why something is happening, not just that it's happening. Most market coverage stops at the headline - price up, price down, here's a chart. Alex finds that kind of reporting actively unhelpful. If you walk away from an article without understanding the mechanism behind the move, what did you actually learn? He holds a degree in Tourism from New Bulgarian University - not the most obvious path into financial markets, but markets have a way of pulling in people who are simply too curious to stay out. He has authored over 200 in-depth analyses and more than 10,000 articles across crypto and traditional finance. He still thinks every day in markets teaches him something new. That's probably why he hasn't stopped.
