Both Block, formerly Square, which is Jack Dorsey’s payments giant, and the popular crypto-exchange Coinbase, have published positive results for their last quarter of 2021 aka Q4. Both companies revealed their numbers and data through a letter to shareholders.
Block reports higher year-on-year results for Q4 2021
Block, which mainly includes Square, Cash App, Spiral, TIDAL, TBD54566975, has published its letter to shareholders with increasing results for Q4 2021.
Our Q4 and full-year 2021 earnings are now available. $SQ https://t.co/oGcnRuhvWV
— Block Investor Relations (@BlockIR) February 24, 2022
“Our Q4 and full-year 2021 earnings are now available”.
Overall, Block’s total net revenue for Q4 2021 was $4.08 billion, up 29% year-over-year. Excluding Bitcoin (BTC) revenue, the company’s total net revenue was $2.12 billion, up 51% year-over-year.
Not only that, Block exceeded expectations, its quarterly gross profit was $1.18 billion, a sharp 47% increase year-on-year. Individually, the company’s flagship peer-to-peer payment service, Cash App, generated gross profit of $518 million, up 37% year-over-year. The Square ecosystem also generated gross profit of $657 million, up 54% year-over-year.
As we are closing in on the year 2021, it can be further added that Block’s gross profit for the year was $4.42 billion, an increase of 62% year-on-year.
Block records + 62% of profits year on year
Coinbase, positive results for the last quarter 2021
The famous crypto-exchange Coinbase also released its letter to shareholders to inform them about its Q4 2021 financial results. Here is the announcement on Twitter:
UPDATE: Q4 and FY'21 financial results are in
Check out our letter to shareholders here https://t.co/73YJhlycei pic.twitter.com/z55IKvEHf5
— Coinbase (@coinbase) February 24, 2022
“UPDATE: Q4 and FY’21 financial results are in. Check out our letter to shareholders here”.
Again, the numbers seem to have exceeded analysts’ expectations, and not by a small margin. In fact, Coinbase’s net sales were $2.49 billion for Q4 FY’21, which is a significant increase over analyst estimates of around $2 billion.
Specifically, this is $840 million in net income, and $1.2 billion in adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) for the October-December 2021 period.
Coinbase and its forecast for 2022
Coinbase CFO Alesia Haas said the company is “anticipating massive industry growth to continue over the long-term. And this really informs the backdrop of our 2022 investment plan”.
Not only that, the CFO acknowledged that the first quarter of 2022 had a softer trend than the previous quarter in terms of volume due to lower cryptocurrency prices and lower volatility. Haas predicted as follows:
“And so it is too early in the year to take a very precise view. This informs our approach where we said we will be transparent with you all. But we’ve provided for an average annual retail MTU [monthly transacting user] range that spans from 5 to 15 million for full year 2022″.
The post Block and Coinbase post positive results for Q4 2021 appeared first on cryptodailynews24.com.