block inc Q reported a total of $1.83 billion Bitcoin BTC/USD Income generated through his cash app unit in the fourth quarter of 2022, down 7% year-on-year.

What happened: Cash App reported Bitcoin gross profits of $35 million in the fourth quarter, down 25% year over year.

The decline is “due to Bitcoin’s price decline,” Block said in his quarterly letter to shareholders released on Thursday.

In the third quarter of 2022, Block’s Cash App unit had revenue of $1.76 billion.

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For full year 2022, Cash App generated $7.11 billion in bitcoin revenue and $156 million in gross profit, down 29% and 28% year-over-year, respectively. Additionally, Block incurred a $9 million impairment on BTC investments in Q4, up from $2 million in losses in Q3. For the full year 2022, the Jack Dorsey-own company observed Bitcoin depreciation loss of $47 million.

Block fourth quarter earnings up 14% year-on-year to $4.65 billion, beating the median analyst estimate of $4.6 billion Gasoline Pro. The company reported quarterly earnings of 22 cents per share, which missed the consensus estimate of 30 cents per share.

Price promotion: At the time of writing, BTC has traded up 2.23% to $23,981 over the past 24 hours, according to Benzinga Pro. Block’s shares ended Thursday up 1.6% at $74.15, up 8.71% in extended trading.

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