US financial service company Square (NYSE:SQ) just announced that its Q3 Bitcoin (BTC) revenue jumped up from its previous earnings in Q2. Square detailed its full company earnings in a shareholder letter released yesterday.
— Square IR (@SquareIR) November 7, 2018
Bitcoin (BTC) Revenue Q3 2018
Square released a full digest of its total earning and financial activities. The release was far more colorful and interactive than most public companies’ earnings reports. It included various pie charts, graphs, and diagrams, uncommon in the earnings space.
Earlier this year, the newly public company introduced Bitcoin support in its Square Cash payment app. Compared to Q2, cryptocurrency revenue grew $6 million in Q3.
“Total net revenue was $882 million in the third quarter of 2018, up 51% year over year. This includes $43 million of bitcoin revenue,” the report reads.
Square has been on the rise lately, as its market cap just passed Twitter’s this week. Coincidentally, Jack Dorsey is CEO of both companies. While media interest may be down in cryptocurrency this year, this earnings report shows that there is still interest in the crypto space.
Bitcoin profits remain a niche for Square, and the company only brought in profits of around $500,000 after taking into account Bitcoin purchasing costs. This past October, Square expanded its interaction by open sourcing its cold storage set up and expanding its crypto offerings in new jurisdictions.
Square just recently launched Square Terminal, which allows merchants to take debit and credit card payments. There have been rumors circulating about the possible merchants’ integration with BTC, but there have yet to be any official reports on the matter.
Bitcoin (BTC) Movement
At press time, Bitcoin is currently trading at $6,515.40 a coin, down -0.11%. This week, the original digital currency went on a bit of a bull run and jumped above the $6,500 mark, but now it seems to have slightly corrected.
Featured Image: Depositphotos/© peshkova