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The digital payments company that is Square (SQ) recently made a report on its Q1 earnings, and boy did these guys performed a stellar one. Their revenue reached an impressive $5.06 billion at 41 cents a share which is well above the estimated 17 cents. In the advent of the cryptocurrency boom, the company also opened up its own mobile payment service dedicated to crypto transactions. This also brought in billions of dollars in crypto.
Cash App taking in billions
Last Thursday, during Square’s first-quarter earnings release, the company raked in $3.51 billion in Bitcoin (BTC) revenue. This, according to The Block, generated $75 million in gross profits in the same period.
Also, the company stated that it raked in $964 million from its Bitcoin offering as this chipped in 7.7 percent to the total. Further, this doubled the company’s Bitcoin revenue for Q4 of 2020, which was $1.76 billion. During Q1 of that same year, its Bitcoin revenue was $306 million.
Acknowledges the Bitcoin prices could fluctuate
The company noted that both the Bitcoin revenue and gross profit have greatly benefitted from the year-over-year climb of Bitcoin activities, the cryptocurrency’s price, and customer demand. Square acknowledges, however, the possibility of fluctuating Bitcoin prices due to the factors mentioned above.
Adapt and grow
Going back to Square’s performance this Q1, CNBC highlighted a strategist’s claim that Square will continue to take advantage of high demand.
During CNBC’s “Trading Nation,” Managing Director at Vios Advisors Michael Bapis said that the company “fits in squarely” amidst the technical transformation that’s been happening as of late.
He added that the company was able to adapt to the situation and grow, albeit the fact that there’s an ongoing global health crisis, not to mention that small business owners are not even using Cash App.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.
