Square quarterly profit jumps on bitcoin boost
The payments firm, which is acquiring buy now, pay later pioneer Afterpay Ltd for $29 billion, posted gross profit of $1.13 billion in the quarter ended September 30.
Cash App generated $1.82 billion in bitcoin revenue, up 11% from a year earlier.
But San Francisco-based Square said bitcoin revenue and gross profit decreased from the previous quarter as relative stability in the cryptocurrency’s price drove down trading activity.
The company, led by Twitter Inc top boss Jack Dorsey, has benefited in the past year from a pandemic-driven jump in demand for e-commerce from people staying at home.
Its gross payment volumes, a measure of the transactions processed on Cash App, rose 27% to $3.7 billion.
STARTUP ROCKSTARS IN 2021
Sign-in to see our list of the most promising startups of 2021
Total net revenue jumped 27% to $3.84 billion.
( News Source :Except for the headline, this story has not been edited by Rashtra News staff and is published from a economictimes.indiatimes.com feed.)
Related searches :
