Square Revenue More Than Triples, Driven by Bitcoin Sales
The Square app for download in the Apple App Store.
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Square Inc.’s quarterly sales more than tripled, surpassing analysts’ estimates, driven by skyrocketing Bitcoin purchases through the company’s Cash App.
First-quarter sales were $5.06 billion, beating the $3.37 billion average projection from analysts, according to data gathered by Bloomberg. Revenue from Bitcoin sales -- which includes the total value of Bitcoin purchases on its Cash App -- climbed more than elevenfold to $3.51 billion, up from $306 million a year earlier, the company said Thursday in a shareholder letter. Still, gross profit from those Bitcoin transactions was just $75 million, reflecting the fees that Square collects.