Block (SQ) reported Q1 earnings last week with mixed results. One of the misses was earnings per share, which came in one cent behind analyst expectations at $0.18. Quarterly revenue also fell short of predictions, falling around 22% year over year to $4b.
Block’s decline in revenue and earnings per share was driven by a significant decrease in Bitcoin revenue. Excluding this segment, Block’s quarterly revenue actually increased by 44% year-over-year.
Investors also took note of Block’s gross payment volume, or GPV. This is a key metric for the company that tracks the total dollar amount of all transactions processed by the company’s payment ecosystem. GPV came in at $43.5b, just shy of analysts’ prediction of $44.6b.