The company said gross profit for 2023 was $7.5 billion, up 25% year over year. Cash App gross profit was $4.3 billion, up 33%, and Square gross profit was $3.1 billion, up 16%.

1. 01

   The company said gross profit for 2023 was $7.5 billion, up 25% year over year. Cash App gross profit was $4.3 billion, up 33%, and Square gross profit was $3.1 billion, up 16%.

2. 02

   Block said its operating loss for 2023 was $278.8 million, a 55% decrease year over year, and that Adjusted Operating Income was $351.4 million, up 342%. It said net income was $9.8 million and Adjusted EBITDA was $1.8 billion, up 81%.

3. 03

   The company said total net revenue for 2023 increased by $4.4 billion (25%), with bitcoin revenue up $2.4 billion as the main driver. It said bitcoin accounted for 43% of total revenue but only 3% of total gross profit.

4. 04

   The company said it had available liquidity of $7.7 billion as of the end of 2023. Its board of directors authorized the repurchase of up to $1 billion of Class A common stock on October 2023, and the company repurchased $156.8 million in Q4 2023.

Key figures

Fiscal year ended December 31, 2023

Revenue

$21.9B

Operating income

−$279M

Net income

$10M

EPS

$0.02

Gross profit

$7.5B

Operating cash flow

$101M

Analysis scope · Management's discussion (MD&A)We analyzed excerpts of the Management's Discussion and Analysis (MD&A) section (with omissions). Other sections of the report, such as the notes to the financial statements and risk factors, were not reviewed.

AI summarized the filing and translated the summary into English; it may differ from the original. For reference only, not investment advice. AI translated the published Korean report into English. Figures are copied as filed, not recalculated.

Original filing

The filing as submitted to SEC EDGAR. You can check the figures and statements of this summary against it.