According to BlockBeats, Block has released its financial report for the first quarter, revealing a gross profit of $2.09 billion, a quarter-on-quarter increase of 22% and a year-on-year increase of 32%. The report further breaks down the profit contributions from its Cash App and Square services. Cash App recorded a gross profit of $1.26 billion, marking a quarter-on-quarter increase of 25% and a year-on-year increase of 51%. Meanwhile, Square's gross profit stood at $820 million, with a quarter-on-quarter increase of 19% and a year-on-year increase of 12%. Block's net profit for the first quarter reached $472 million, a significant increase of 362% from the previous quarter (Q4 2023 was $102 million), and a year-on-year increase of 381%. This impressive performance underscores the company's strong financial position and growth trajectory.
