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# Block plans deeper Afterpay integration into Cash App as it posts $178 million quarterly profit
- URL: https://www.theglobalbanker.com/block-plans-deeper-afterpay-integration-into-cash-app-as-it-posts-178-million-quarterly-pr/
- Published: 2024-02-23T14:15:00.000Z
- Updated: 2026-09-29T16:27:46.000Z
- Description: Block's fourth-quarter 2023 shareholder letter listed further integrating Afterpay into Cash App among its 2024 priorities, as gross profit rose 22% to $2.03 billion.
- Author: TGB Editorial Team
- Tags: Fintech, Americas, #archive

Block said on 22 February 2024 that further integrating Afterpay into Cash App would be one of its focuses for 2024 and beyond, as the US payments group reported net income attributable to common stockholders of $178 million for the fourth quarter of 2023.

The plans were set out in Block's fourth-quarter 2023 shareholder letter, signed by chief executive Jack Dorsey and chief financial officer Amrita Ahuja. Net income in the quarter included a $207 million remeasurement gain on the company's bitcoin investment, recognised upon adoption of new accounting guidance for crypto assets.

#### GROSS PROFIT GROWTH

Gross profit rose 22% year on year to $2.03 billion in the fourth quarter. Cash App generated gross profit of $1.18 billion, up 25%, while Square's gross profit rose 18% to $828 million. Adjusted operating income was $185 million, compared with an adjusted operating loss of $32 million a year earlier, and adjusted EBITDA rose to $562 million from $281 million. For the full year 2023, gross profit was $7.50 billion, up 25%.

Block's buy now, pay later platform generated gross profit of $242 million in the fourth quarter, compared with $196 million in the same period of 2022.

#### AFTERPAY AND CASH APP

The shareholder letter listed four focuses for 2024 and beyond: further integrating Afterpay into Cash App, continuing to scale merchant discovery in Cash App, using Afterpay's distribution to keep growing Cash App Pay, and using the Cash App Card to distribute buy now, pay later, including Afterpay powering that option on the card. Block said it would then package all of this functionality together into a simple offering that makes it straightforward for customers to start banking with the company.