Universal payment platform Cash App generated $1.82 billion from bitcoin revenue in the third quarter. The Square-owned company disclosed this in its Q3 earnings letter
- According to the document released today, Cash App recorded a gross profit of $42 billion, an increase of 115% from last year.
- However, Bitcoin’s revenue and gross profit for the third quarter are less than the figures for the second quarter.
- Square says the “relative stability in the price of bitcoin, which affected trading activity compared to prior quarters.” is responsible for the decline.
- Following the release of its Q3 earnings, Square’s shares plunged by 3% in post-market trading. The company predicts “strong growth rates” and expects varying bitcoin revenue and gross profit in the forthcoming quarters.