Square Reports Massive Q2 Earnings Beat, As Bitcoin Revenue Rises 600%
SQ) beat analyst expectations in its second quarter earnings report Tuesday, as its mobile payment service Cash App netted significant profit, including from Bitcoin.
reported by CNBC.” data-reactid=”21″>This signficantly beat Wall Street estimates. Analysts polled by Refinitiv had estimated an average adjusted loss per share of 5 cents, as earlier reported by CNBC.
Square’s net loss stood at $11.5 million, up 71.6% from last year’s $6.7 million. Overall adjusted EBITDA was at $97.9 million, down 7% from 2019 Q2’s 105.3 million.
View more earnings on SQ” data-reactid=”28″>View more earnings on SQ
Revenue through Bitcoin increased a whopping 600% for the payments app at $875 million. Bitcoin gross profit increased 711% YoY at $17 million.
The increase in both revenue and profits stemmed from a rise in customer demand. Square revealed that as of June, the app had 30 million monthly transacting active users.
AAPL) Apple Pay, Alphabet Inc’s (NASDAQ: GOOGL) (NASDAQ: GOOG) Google Pay and PayPal Holding Inc’s (NASDAQ: PYPL) Venmo in the space.
interview with The Times in 2018, he claimed the apex cryptocurrency has a potential to become the world’s sole currency by 2030. Dorsey personally invested in cryptocurrency startup CoinList in 2019.” data-reactid=”32″>Dorsey’s Personal Interest: Square CEO Jack Dorsey, who also leads Twitter Inc (NYSE: TWTR), has long expressed his support for Bitcoin. In an interview with The Times in 2018, he claimed the apex cryptocurrency has a potential to become the world’s sole currency by 2030. Dorsey personally invested in cryptocurrency startup CoinList in 2019.
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