RATE Group | Square’s Q2 Bitcoin Revenue Nearly Doubles From Previous Record
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Square’s Q2 Bitcoin Revenue Nearly Doubles From Previous Record

04 Aug Square’s Q2 Bitcoin Revenue Nearly Doubles From Previous Record

Posted at 06:46h in Bitcoin News by

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Payments company Square reported its second-quarter earnings Thursday, revealing $125 million in bitcoin sales through its Cash App, nearly doubling a record first quarter.

“During the quarter, bitcoin revenue benefited from increased volume as a result of the increase in the price of bitcoin, and generated $2 million of gross profit,” the earnings report explains.

Founded by Twitter co-founder Jack Dorsey, Square reported that bitcoin represented very nearly half of the total revenue on its Cash App, at $260 million, for the second quarter of 2019. Bitcoin costs, however, are listed at $122.9 million in the unaudited quarterly report, yielding the aforementioned $2 million in profit.

On an investor call Thursday afternoon announcing the numbers, Dorsey said:

“We love you, bitcoin.”

The first quarter of 2019 was Square’s best quarter for bitcoin at the time, with $65.5 million in revenue and $832,000 in profit. Clocking $125 million in sales in the second…

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