Square Inc records $1 billion Quarterly revenue for the first time
Jack Dorsey’s Square Inc has registered a massive Q3 bitcoin revenue above $1 billion. The Quarter 3 report of the Square earnings was published. Moreover, the bitcoin gross profits made during the period are $32 million. Additionally, the Sqaure Inc’s market value increases by 4.2% since the release of the report.
The highlights of the reports are
- Square’s Cash App revenue grew by 212% YoY with a surge in the user base. Also the bitcoin sales made up nearly 79% of Cash App revenue compared to 48% a year ago
- Gross profit in Q3 is $794 million and Cash App gross profit sums up to $385 million which is 8.3% of the total Cash App gross profit compared to 1.6% in the previous year.
- Bitcoin revenue surpasses the revenue from subscriptions & services and other transactions.
- Nearly $250 million has been spent on the card during Q3.
- The daily activity on Cash App is increased to 23% in Q3 compared to 18% in Q2 and 15% in Q1.
The impacts on Square Inc
- The Square $SQ stock was up as much as 8% and at the all-time highs at $191 after the quarterly earnings was put out.
- Nearly 2.5 million Cash App customers have bought $SQ stocks.
The revenue of the Square Inc in total is much higher than the previous quarter.
Will Square’s $SQ soar with Bitcoin Bull Rally?
Bitcoin price continues with its major breakout by entering in a bull chase. It records the highest levels of 2020 and currently trends around $15500. However, it is expected to reach close to $17K – $18K in the coming week.
As Coinpedia reported earlier about the strategies the MNC’s applied to add up more profits into their treasuries using Bitcoin, the similar trend is also seen with the current Square’s Q3 report announcement.
Previously, when Bitcoin was struggling to break $11000 levels, it was after the Square’s BTC announcement, the BTC price soared above $12,000. In the same time the stock value of $SQ touched its all-time highs which rarely experienced a major dump till date.
Considering the present scenario during the ongoing Bitcoin bull run, when the whole crypto community is crazy behind Bitcoin, the Square released Q3 report and the Bitcoin’s contribution in the Square’s revenue was the centre of attraction.
The immense adoption of Cash App that increased the revenue might be one of the reasons of the jump in the value of $SQ.
What do you think, will $SQ will soar with the Bitcoin bull run which is expected to touch $20,000 very soon!