Online payments giant Block reported on Thursday strong growth in revenue and gross profit in the fourth quarter, as the main stalwarts of its business, digital wallet CashApp and business payments platform Square, showed large gains.
The company posted $1.66 billion in gross profit in the fourth quarter of 2022, an almost 40% increase from nearly $1.2 billion in the fourth quarter of 2021. Revenue was $4.65 billion, a jump from $4.1 billion in the same quarter of 2021. CashApp and Square drove most of those gains, as CashApp posted a staggering 64% jump in year-over-year gross profit, and Square had 22%.
