Block highlighted an uptick of Cash Card users and Square sellings using multiple business products as key metrics behind the $1.18 billion Q4 gross profit.
Block’s 2021 Q4 report wason Feb. 24, and the firm revealed significant gross profit increases across Cash App and Square, with each firm generating $518 million and $657 million apiece to mark YoY gains of 37% and 54% respectively.
In total, the company generated $4.42 billion worth of gross profit for the entirety of 2021, marking a YoY growth of 62% compared to 2020. The impressive figures do require a pinch of salt, however, as Block’s net profit after expenses for Q4 tallied just $77 million suggesting hefty operating costs for the firm.
The company pointed to Cash App’s Cash Card and Square’s seller ecosystem as key metrics behind the Q4 growth, noting that the Cash Card saw more than 13 million active users in December with 38% of sellers using four or more Square business products. Moving forward in 2022, Block also highlighted the significance of the Afterpay deal as it will enable the firm to significantly scale up its offerings and products this year. The firm stated:
“On January 31, we completed our acquisition of Afterpay, a global “buy now, pay later” platform. We believe this acquisition will further Block’s strategic priorities for Square and Cash App by strengthening the connections between our ecosystems as we deliver compelling financial products and services for consumers and merchants.”
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