Cryptocurrency
Square Earnings Crush Estimates As Bitcoin Business Drives Revenue Beat
As reported at Investor’s Business Daily, “Square earnings for the June quarter blew past analyst estimates as the Cash App business generated a Bitcoin-driven revenue beat amid the coronavirus lockdown. Square stock jumped in morning action Wednesday although gross payment volume from merchant customers fell. “San Francisco-based Square pre-announced second quarter earnings late Tuesday. Square […]
As reported at Investor’s Business Daily, “Square earnings for the June quarter blew past analyst estimates as the Cash App business generated a Bitcoin-driven revenue beat amid the coronavirus lockdown. Square stock jumped in morning action Wednesday although gross payment volume from merchant customers fell.
“San Francisco-based Square pre-announced second quarter earnings late Tuesday. Square earnings came in at 18 cents per share on an adjusted basis. A year earlier, Square earned 21 cents a share.
“The digital payment processor said net revenue rose jumped 64% to $1.92 billion. Excluding bitcoin revenue, total net revenue was $1.05 billion, flat year over year, the company said…
“…The app enables users to buy and sell digital cryptocurrency Bitcoin. Square said in Q2 the Cash App generated $875 million of bitcoin revenue and $17 million of bitcoin gross profit, up 600% and 711% year-over-year…”