Block (NYSE: SQ) announced its 2023 Q1 financial results on May 4, 2023. According to the announcement, total net revenue was up 26% (YoY, 3 months). In addition, gross profit was up 32% and adjusted EBITDA was up 89%.
Meanwhile, Block recorded an operating loss of 6,172 thousands USD (226,789 thousands USD in 2022 Q1). Moreover, net loss was 16,838 thousands USD (204,199 thousands USD in 2022 Q1).
Among the segment revenues, subscription and services-based revenue was up 42% (YoY, 3 months). At the end of 2023 Q1, the subscription and services-based revenue accounts for 27% of the total net revenue. Bitcoin Revenue was up 25% (YoY, 3 months).
Net cash provided by operating activities was up 28% (YoY, 3 months). On the other hand, free cash flow was down 32%. In 2022 Q1, the company recorded a cash inflow thanks to cash acquisition attributable to the business combination. This cash acquisition is behind the decline in free cash flow in 2023 Q1.
As we have discussed, Block reported the higher growth rate of adjusted EBITDA. Although stock market still faces challenging macroeconomic environments, the company’s stock price might shift to an upward phase in the future.
Block, Inc. (NYSE: SQ) stock chart
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