The Cash App business arm of Jack Dorsey’s payments startup Block Inc. reported Bitcoin (BTC) revenue of $1.83 billion in the fourth quarter, down 7% from the same period of the year. past.

Block attributed the reduction in Bitcoin revenue to the decline in the price of BTC during the year, which was reported in its quarterly and annual results on February 23. The Bitcoin price fell almost 65 percent throughout 2022.

Due to declining sales, Cash App’s gross Bitcoin profit was down 25% year-on-year, reaching $35 million in the quarter. This was the lowest quarterly total since the company began reporting Bitcoin earnings.

Block’s Cash App is an application to process payments made through mobile phones. On October 25, functionality for transactions made via the Bitcoin Lightning Network was enabled in the Cash App. It does this by offering Bitcoin sales to its consumers through the app, which generates money.

In the full year of 2022, Cash App generated $7.11 billion in Bitcoin revenue and $156 million in gross Bitcoin profit, representing decreases of 29% and 28%, respectively, compared to 2021 figures.

Meanwhile, Block Inc. reported a significantly higher net loss for the quarter, coming in at $114 million. This compares to a loss of $77 million in 2021. Compared to the same period last year, its adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) increased to $281 million, or an increase of 53%. The total amount of revenue during the period was $4.65 billion.

Following the release of the earnings report, after-hours trading of Block shares resulted in a significant price increase.

Some analysts attribute the increase in the company’s gross profit, which rose 40% in the fourth quarter compared to the same period a year earlier and also above expert estimates, to rising revenues.