Cash App raked in $1.8B from Bitcoin Revenue in Q3

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.

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About Godwin

Godwin is a multi-faceted writer. He covers the latest and most significant news in the crypto industry for Newsbsc. Aside from his work here, he writes exceptional SEO optimized web contents for other websites in different sectors.

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