RATE Group | Jack Dorsey’s love of bitcoin could be a problem for Square
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Jack Dorsey’s love of bitcoin could be a problem for Square

05 Aug Jack Dorsey’s love of bitcoin could be a problem for Square

Posted at 13:15h in Bitcoin News by

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Square stock fell 15% on Friday after its second-quarter 2019 earnings report. The mobile payments company beat expectations on revenue ($562.8 million vs. $557.8 million expected) and on earnings per share (21 cents vs. 16 cents expected), but disappointed with weak Q3 guidance.

Square’s Cash App, which competes with PayPal-owned Venmo, was a highlight in the quarter: it brought in $260 million in revenue, and $125 million of that was revenue from bitcoin. That was Square’s highest quarterly revenue yet from bitcoin since it added the option to buy bitcoin in January 2018. Square’s bitcoin revenue for all of 2018 was $166 million.

Square’s bitcoin profit in Q2 came in at $2 million.

$2 million is an extremely small number for a company with quarterly revenue of $562 million and a market cap of $30 billion.

But Square (SQ) CEO Jack Dorsey is a bitcoin believer, and made that abundantly clear on the earnings call, when he declared, “We love you, bitcoin.” In an interview…

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