What are the key factors behind Block's revenue growth in 2023?

Block's revenue growth in 2023 can be attributed to several key factors:

1. Growth in Cash App and Square Ecosystems: Block's revenue has been driven by the strong performance of its Cash App and Square ecosystems. The Cash App has seen significant growth, with over 55 million monthly transacting activities and a 26% year-over-year increase in revenue. Square, focused on serving sellers, has also contributed to the growth with a 12% year-over-year increase in gross purchase volume.
2. Bitcoin-Related Investments and Growth: The company's investment in Bitcoin and the launch of its self-custody Bitcoin wallet, Bitkey, have contributed to the revenue growth. The push towards Bitcoin investments and the recovery in Bitcoin prices have positively impacted revenue.
3. Diversification and Expansion of Services: Block's diversification into various sectors such as music streaming through Tidal and the "buy now pay later" space with Afterpay has contributed to its growth. The expansion of services and the ability to monetize products like Cash App have increased revenue streams.
4. Strong Gross Payment Volume (GPV): The growth in GPV, which was $59.01 billion in Q2, up 12% from the year-ago quarter, has been a significant driver of revenue. This growth is attributed to strength across the Square ecosystem.
5. Monthly Transacting Users: The increase in monthly transacting users, particularly in the Cash App, has led to higher revenue. For instance, the overall gross profit for the company was $1.66 billion, up a rapid 40% year over year (despite slower revenue growth), thus if Bitcoin "rebounds" that will be a bonus for the company and will likely increase ecosystem engagement.

In summary, Block's revenue growth in 2023 is a result of the successful expansion of its core services, strategic investments, and the ability to capitalize on emerging markets such as Bitcoin and the "buy now pay later" sector.