Payments firm, Square, published its second-quarter (Q2) earnings last week, reporting $125 million in bitcoin revenues through its cash app. Square’s Q2 Bitcoin Revenue Doubles via Cash App. Globalexchange.
“During the quarter, bitcoin revenue benefited from increased volume as a result of the increase in the price of bitcoin, and generated $2 million of gross profit,” as per the earnings report.
Globalxchange. According to the letter, the company’s Bitcoin revenue benefited in part from the number one cryptocurrency’s price rally over the quarter. As a result of this price growth, there was also a correspondingly increased volume of Bitcoin, they say. This resulted in a $2 million gross profit for the company.
Square disclosed that for Q2 in 2019, bitcoin accounted for almost half of the income of the Cash App at $260 million. However, the unaudited quarterly report mentions Bitcoin expenses at $122.9 million, yielding the profit of $2 million.
Cash App earned $135 million in income based on subscriptions, services and transactions. Globalexchange.
The first quarter of 2019 was, at the time, Square’s best quarter for bitcoin, with a revenue of $65.5 million and profit of $832,000. However, $125 million in revenues in the second quarter reflect important development, and a fresh record for the business. Global exchange.
The firm recorded $166 million in revenues of bitcoin in 2018. With a net loss in total revenue for the quarter of $6.7 million on $1.17 billion, bitcoin remains far from the overall strategy of Square. According to the report, transaction-based income in Q2 stood at $775 million.
Through its Cash App, the firm sells bitcoin to customers, a service that extended in August 2018 to all 50 U.S. states.
The firm explained the function of Square Crypto earlier this week, a project developed within the business to make open-source contributions to the protocol and ecosystem of bitcoin. Globalxchange.
Comments
Post a Comment