2 years ago
Fintech and integer payments elephantine Block reported better-than-expected 2021 4th fourth results aft the marketplace closed connected Thursday.
Total gross was $4.08 billion, up 29% year-over-year, narrowly topping the $4.04 cardinal expert consensus. Excluding bitcoin, gross totaled $2.12 billion, up 51% connected the anterior year. Adjusted EPS was $0.27 versus the $0.19 estimate.
The peer-to-peer outgo work Cash App, which allows users to straight bargain and merchantability bitcoin, generated $1.96 cardinal of bitcoin transactions and $46 cardinal of gross nett successful Q4, up 12% and 14% twelvemonth implicit year, respectively. For perspective, full institution gross nett for Q4 was $1.18 billion.
Of the $220 cardinal of bitcoin enactment connected the institution equilibrium expanse successful precocious 2020 and aboriginal 2021, Block didn’t publication an impairment nonaccomplishment successful Q4, leaving the afloat twelvemonth impairment complaint astatine $71 million, and carrying worth astatine $149 million. As of year's end, the just worth of the bitcoin concern was $371 million, oregon $222 cardinal greater than the carrying value.
Square announced its Block rebranding successful December to bespeak the company’s enlargement beyond its roots of processing payments to sellers. On the crypto front, Block presently allows the astir 70 cardinal users of its Cash App to bargain and merchantability bitcoin. The institution is besides gathering a decentralized bitcoin speech and backing bitcoin developer projects.
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