Square Bitcoin Revenue Drops From Prior Quarter; Shares Slip
- Overall third-quarter sales fall short of analysts’ estimates
- Gross profit was up 43% from the same period a year earlier
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Square Inc., the digital-payments company run by Jack Dorsey, reported disappointing third-quarter sales, held back by a drop in Bitcoin-related revenue from its Cash App compared with the previous period. Shares slipped in late trading.
Overall sales were $3.84 billion, up 27% from a year earlier but less than the average analyst estimate of $4.51 billion, according to data compiled by Bloomberg. Gross profit, which includes fees taken from Square’s Cash App and Seller businesses, was $1.13 billion in the period, an increase of 43% from a year earlier, but little changed compared with the second quarter.