Payments company Square, Inc. (NYSE:SQ) on Thursday released its second-quarter earnings. According to the update, the company’s crypto-friendly Cash App made $125 million in revenue from bitcoin this quarter, nearly doubling the revenue of the preceding quarter. The increase led to a $2 million gross profit from bitcoin alone, and the massive leap in sales is attributed to increased trading volume in bitcoin, largely due to the recent pump in price. For the last five quarters, Square’s bitcoin sales have been increasing and accelerating, in Q1, 2019, registering a record-high of $65.5 million in revenue and $832,000 in profit. “We love you, Bitcoin,” Jack Dorsey, head of Square and Twitter CEO, openly expressed in the earnings call to discuss the recent performance.
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About Square, Inc.
Square, Inc. is a financial services, merchant services aggregator, and mobile payment company based in San Francisco, California. The company markets several software and hardware payments products and has expanded into small business services. The company was founded in 2009 by Jack Dorsey and Jim McKelvey and launched its first app and service in 2010. It has been traded as a public company on the New York Stock Exchange since November 2015 with the ticker symbol SQ. For more information, visit the company’s website at www.SquareUp.com.
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