Square, the popular payment processing firm, wrote a letter to its shareholders and highlighted the financial numbers of Q1 2019, further revealed that they noticed a new Bitcoin sales growth via their Cash app. Squares quarter one Bitcoin revenue grew but noticed low profit from Bitcoin sales.
Square company mentioned the first-quarter revenue on Wednesday and revealed the huge bitcoin sales growth. Cash app helped to increase the revenue of Bitcoin sale.
In the letter to its shareholder, announced earlier on earnings – the Square firm said that the overall revenue of the firm during its quarter-one grew by 43 percent year after year. The revenue resulted in $959 million, and the bitcoin revenue was amounting to $65.5 million. However, bitcoin cost resulted in $64.7 million, which indicates that the total bitcoin profit accounted for $830,000.
The Square payment processing company was founded by Jack Dorsey, who is also the co-founder of the giant social media platform Twitter. The financial figures revealed by the firm remained all-time high compared to its previous quarter results. The Financial processing company is noticing excellent growth in its existing business and stock volume, from a year. Looking at the company’s growth performance, the management authorities have maintained a positive approach for the entire year 2019.
Upon comparing the financial figures to its quarter-four earnings of 2018, the overall revenue of Square was accounting to $933 million, out of which $52 million resulted in Bitcoin revenue. The Bitcoin cost of Q4 was $51.9 million.
Square’s Bitcoin profit of Q1 2019 resulted in 80 percent of growth as compared to its previous quarter. In 2018, Square’s bitcoin sales revenue was $166 million.
The Bitcoin trading service was introduced to users by Square in February 2018. Square mostly, works on a Point of Sale network and adding Bitcoin to its mobile service means that the retailer can make use of Square’s payment platform which will accept bitcoin as a payment form.
The company uses its Cash app to sell bitcoin to users. The Cash app service in August 2018 included 50 more US states and expanded the services to them.
While in March, founder of Square had revealed that the company was planning to recruit more cryptocurrency based engineers and was supposed to paying them in bitcoin. Dorsey said that the decision to pay in virtual currency was “to make the broader crypto ecosystem better,” which further contributes to the bitcoin community.
Some of the important points noticed during Square’s Q1
Revenue grew by 43 percent, while in Q4 the revenue was 51 percent
Adjusted revenue grew by 59 percent year after year, in Q4 the adjusted revenue was 64 percent.
Adjusted per-share earnings were up from $0.06 to $0.11 in Q1.
Gross payment volume was $22.6 billion, up by 27 percent year after year.
Subscription and service revenue accounted to $219 million, increased by $126 percent year after year.