Block Inc (NYSE: SQ) reported a first-quarter revenue decline of 22% year-over-year to $3.96 billion, driven by a decrease in bitcoin revenue, missing the consensus of $4.14 billion. Adjusted EPS was $0.18, below the consensus of $0.21.
The gross margin expanded to 32.7% from 19.1% in 1Q21. The company reported an operating loss of $(226.79) million for the quarter, compared to an income of $67.74 million a year ago.
Transaction-based revenue was $1.23 billion, up 28% Y/Y, and gross profit was …
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