Block, Inc formerly Square, reported gross profit of $1.18 billion in Q4 in 2021, soaring 47% from the period in 2020, according to a press release by Block on Thursday.

  • In Q4 of 2021, Block generated a gross profit of $1.1B, increasing 47% YOY as Cash App reported a gross profit of $518B, increasing 37%YOY. The Square ecosystem reported a gross profit of $657M, 54% higher than the prior year.
  • The company stated that Cash App’s Cash Card and Square’s seller ecosystem were critical indicators of growth in Q4, signaling that Cash Card reported over 13 million active users in December.
  • Heading into 2022, Block also disclosed the significance of the Afterpay deal as it allows the company to significantly grow its offerings and products this year.

Block has been expanding its presence in the crypto space, with TBEN reporting in mid-January that Cash App has integrated the Lightning Network to speed up BTC transfers. SQ up +15.62%, Pre-market trading.