Square’s Cash App Reports $2.7B In Quarterly Bitcoin Revenue, A 200% Jump
Square has had a busy weekend. The company made headlines for it’s purchase of Australia-based fintech firm, Afterpay, in an all-stock deal. Square then went on to release it’s Q2 2021 Shareholder Letter, filled to the brim with company insights – including some strong growth numbers in crypto transactions on Square’s mobile product, Cash App. Breaking Down The Numbers Square’s gross profit in Q2 was a healthy $546M, reflecting a 91% increase year-over-year. Bitcoin gross profit on Cash App specifically accounted for roughly 10% that, coming in at around $55M;....
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Square’s Cash App has reported that the platform saw a 200% increase in Bitcoin revenue. This comes despite Square suffering a $45 million impairment from its Bitcoin investment. Yearly revenue reports saw Cash App’s revenue go from $875 million to $2.72 billion. While bitcoin gross profit went from $17 million to $55 million in the […]
Square’s Cash App has increased Q3 Bitcoin revenue by 1,100% after more than $1.6 billion Bitcoin was purchased by users Cash App, the Bitcoin-friendly mobile payments app from U.S. financial services firm Square, has reported Bitcoin (BTC) has overtaken all other revenue sources, making up almost 80% of its entire revenue in the third quarter.In Square’s third-quarter report, Cash App’s Bitcoin-derived revenue of $1.63 billion in Bitcoin marked a massive increase of more than 1,100% when compared to the same period in 2019. Bitcoin revenue was by far the largest component of Cash App’s....
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....
"Cash App generated $1.63 billion of bitcoin revenue and $32 million of bitcoin gross profit during the third quarter of 2020."
The American-based payment company Square Inc. reported a drop in Bitcoin revenue month over month from its Cash App during the third quarter of 2021, the total amount being $1.82, overall, 11% up from last year. Square has found profit in midst of the pandemic as many users grew to need e-commerce services. The number of processed transactions on the app during the third quarter went up 27% with a total amount of $3.7 billion. The company is led by Jack Dorsey, who also runs Twitter and is a big BTC enthusiast, currently aiming to invest in the future of decentralization and new economic....