Block, a fintech powerhouse owned by Twitter CEO, Jack Dorsey, has reported an impressive $2.16 billion in Bitcoin revenue in the first quarter of 2023 on its flagship product Cash App, with total profits reaching over $931 million in the same time span. This data reflects a 18% and 25% increase respectively, when compared to the numbers in the fourth quarter of 2022 and the first quarter of 2022. During the investor call the CEO, identified artificial intelligence and “open protocols” as technologies that would bolster the company’s market success due to the challenging economic landscape. Following the release of Block’s Q1 earnings, the company’s shares surged briefly 5% in after-hours trading settling for 2.5% increase. This served as a reprieve after the stock was slammed by Hindenburg Research's shortseller report which declared that Block was recklessly facilitating tax fraud. This accusation was swiftly denied by the company's representatives who explained that the report was intended to bring down the stock price to the benefit of the short sellers.



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