Cryptocurrency company Block Inc, formerly known as Square, reported better-than-expected results for the first quarter of 2023, driven by strong growth in its Cash App and Bitcoin businesses.
The company announced adjusted earnings per share of 40 cents, beating analysts' estimates of 32 cents. Revenue came in at $4.99 billion, beating expectations of $4.51 billion.
The company's Bitcoin revenue came in at $2.16 billion, well above expectations of $1.86 billion.
Transaction-based revenue from fees charged to customers for using Block's payment services was slightly below expectations at $1.42 billion, compared to estimates of $1.43 billion.
*Not investment advice.
