Block Q1 gross profit up 22% to $2.09B; net income $472M; new bitcoin purchase policy

Block, Inc.

2024-Q1 EPS reported $0.74 revenue$5,957,128,000

Gross profit $2.09B (+22% YoY); Cash App $1.26B (+25%), Square $820M (+19%).
Net income $472M; Adjusted EBITDA $705M (+91% YoY).
Total net revenue $5.96B (+19%); ex-bitcoin revenue $3.23B (+14%).
Bitcoin remeasurement gain $233M; treasury bitcoin value grew ~160% to $573M.
New policy: monthly invest 10% of gross profit from bitcoin products into bitcoin purchases.

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