Bitcoin trading generated quarterly sales of $ 875 million for Square
The financial services company of Jack Dorsey, Square, Inc.published its financial report for the second quarter of 2020, which shows $ 875 million in revenue from trading Bitcoin (BTC) with its Cash App product.
With the Bitcoin Cash App business, which generates $ 858 million in quarterly spending, Square’s BTC services generated gross sales of $ 17 million, with extreme market volatility and a buzz about halving the bitcoin block reward that drives customer demand.
The Cash app now has 30 million active users per month.
Cash App Bitcoin Revenue Up 75% Over First Quarter
The quarterly performance consisted of an increase in sales of 600% and a gross profit of 710% compared to the previous year and an increase in gross profit by 150% compared to the first quarter of 2020.
Bitcoin-related companies accounted for approximately 2.85% of Square’s total gross margin of $ 597 million in the quarter.
However, the report states that “Government stimulus programs” have likely contributed to increasing Bitcoin’s investment capacity.
Square publishes its quarterly report in a hurry
Square’s Investor Relations Twitter account has released the data In response to “expected external access to the company’s quarterly finances.” The company will hold a conference call on August 5 at 8 a.m. EST to discuss the results.
Square’s quarterly net income was $ 1.92 billion – 75% above recent forecasts and an increase of 64% over the previous year.
The report confirms the strong performance of the company’s share price, which has increased more than 9% in the past five days.
Five-day chart from Square, Inc. (SQ): Source – Google
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