Block (NYSE: SQ) shares were trading more than 7% higher after-hours despite the company’s reported Q1 results, with both EPS of $0.18 and revenue of $3.96 billion coming in worse than the Street estimates of $0.24 and $4.19 billion, respectively.

The quarterly revenue decline of 22% year-over-year was driven by a decrease in bitcoin revenue. Excluding bitcoin, Q1 revenue grew 44% year-over-year to $2.23 billion.

Transaction-based revenue was $1.23 billion in Q1, up 28% year-over-year, and Subscription and services-based revenue was $960 million, up 72% year-over-year. During Q1 the company processed $43.5 billion in GPV (Gross Payment Volume), up 31% year-over-year.

The company generated a gross profit of $1.29 billion during the quarter, up 34% year-over-year, with Cash App gross profit of $624 million (up 26% year-over-year) and Square gross profit of $661 million (up 41% year-over-year).

By Davit Kirakosyan