Square Reports $1B in Quarterly Bitcoin Revenue for First Time: Q3 Earnings

Square’s quarterly earnings beat out expectations by more than double thanks to Bitcoin’s dramatic rally. U.S.-based financial services firm, Square Inc, reports that its quarterly earnings doubled analyst expectations amid booming demand for crypto assets.Global financial data provider Refinitiv had predicted Square would see earnings of 16 cents per share in Q1 2021, but the firm ended up earning 41 cents per share. Square saw $5.06 billion in revenue, dwarfing Refinitiv's prediction of $3.36 billion.Bitcoin alone drove $3.5 billion in revenue, an astonishing increase of 1,000% in just....

Meta joined Alphabet and Microsoft in releasing disappointing quarterly financials, following the company’s Q2 earnings call. In a week of a disappointment for mega-cap stocks, the trio has all missed revenue and earnings expectations, with Meta seeing its first quarterly sales decline ever recorded. Economic Slowdown Due to the current global economic slowdown, markets had anticipated that earnings of mega-cap stocks which account for 40% of the Nasdaq, and 30% of the S&P 500 could face a bloodbath. However, although earnings have disappointed, and came in....

Jack Dorsey’s Square made more than 90% more gross profit than the same period last year, with $546 million coming from Cash App’s Bitcoin services. Jack Dorsey’s Square has reported a 200% increase in Bitcoin revenue for the second quarter year-on-year (YoY).The company announced the impressive earnings figures in its second-quarter shareholder letter on August 1. In the report, Square revealed its total gross profit grew 91% YoY to $1.14 billion.Bitcoin services drove $2.72 billion in revenue for the app, with a gross profit of $55 million, respective increases of 210% and 223%....

Per an earnings report, Bitcoin-focused payments company Square has purchased 3,318 more BTC and earned $3.51 billion in bitcoin revenue.

Cash App’s Bitcoin profits fell in the third quarter, but overall profits are still on the rise. Jack Dorsey’s payments company Square Inc. revealed in its Q3 earnings report that mobile payments app Cash App saw a 23% drop in quarterly profits generated by Bitcoin.But Bitcoin profits and revenue are both up year on year. Square attributes the drop off in quarter-on-quarter Bitcoin revenue and gross profit to the “relative stability of the price of Bitcoin, which affected trading activity compared to prior quarters.”Cash App allows users in the United States and the UK to buy Bitcoin and....