Square releases Q3 report, Bitcoin profit lowers to $42M
Major payment services company Square recently announced its financial results for the third quarter of 2021 (Q3). The company reported modest Bitcoin earnings for the quarter due to several factors such as the relative price stability of Bitcoin.
Square’s overall revenue was $3.84 billion, just slightly lower than wall street estimates of $4.4 billion. In addition, Gross profit increased to 43% year-on-year to $1.13 billion, and GPV rose to $45.4 billion.
Talking about revenue from Bitcoin trading services, the king crypto did not benefit the payments giant this quarter much after reporting revenue of $1.81 billion. Revenue was lower compared to Q2’s $2.72 billion, and Q1’s record-breaking revenue of $3.51 billion. The quarter reported Bitcoin profits lowering to $42 million.
Bitcoin’s gross profit peaked at $75 million in the first quarter of 2021 (Q1) and has continued to decline along with revenue in Q2 and Q3 this quarter. Square has noted that revenue and gross profit may continue to fluctuate due to user demand and Bitcoin price movements.
“Compared to the second quarter of 2021, bitcoin revenue and gross profit decreased on a quarter-over-quarter basis, driven primarily by relative stability in the price of bitcoin, which affected trading activity compared to prior quarters,” Square said in the earnings report on the 4th.
On the other hand, Square’s subsidiary Cash App has done well for the quarter, reporting a revenue of $2.39 billion and a profit of $512 million.
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OhNoCryptocurrency via https://www.ohnocrypto.com/ @Gauri Bhatia, @Khareem Sudlow
