Square Quarterly Profit Rises on Bitcoin Boost

Share post:

Square Inc on Thursday announced a 60% rise in its third-quarter gross profit, driven largely by an increase in bitcoin transactions on its peer-to-peer payment platform Cash App.

The payments services company, which plans to buy now, pay later pioneer Afterpay Ltd for $29 billion, announced a third-quarter gross profit of $1.13 billion.

Cash App posted $1.82 billion in bitcoin revenue, up 11% from 2020.

Still, California-based Square also noted that bitcoin revenue and gross profit declined sequentially as the relative stability of the bitcoin price led to a decline in trading activity.

Led by Twitter Inc chief executive Jack Dorsey, Square has benefited from a pandemic-induced surge in demand for e-commerce from people remotely.

Gross payment volume, a measure of transactions processed through Cash App, increased 27% to $3.7 billion, while total net revenue increased 27% to $3.84 billion.

For more information, you may view the original story from Reuters.

Featured Tech Jobs

SUBSCRIBE NOW

Related articles

Apple reduces forecasts for Vision Pro as demand cools in key US market

In an unexpected shift, Apple has drastically reduced its shipment forecasts for the upcoming Vision Pro, indicating a...

FTC says Microsoft’s layoffs at Activision Blizzard may threaten merger approval

The FTC has expressed dissatisfaction with Microsoft's layoffs at Activision Blizzard, challenging the integrity of the Microsoft-Activision deal....

Delaware court voids Musks $56 billion dollar compensation

Tesla's stock experienced a notable downturn following a Delaware court's decision to void CEO Elon Musk's massive $56...

IT World Canada strikes partnership with Canadian Cybersecurity Network

Goal is to make it easier for infosec pros to access each organization

Become a member

New, Relevant Tech Stories. Our article selection is done by industry professionals. Our writers summarize them to give you the key takeaways