<p class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="Q2 Earnings: The Jack Dorsey-led company reported an adjusted earnings per share of 18 cents in Q2, down from the 21 cents posted in the similar quarter last year.” data-reactid=”20″>Q2 Earnings: The Jack Dorsey-led company reported an adjusted earnings per share of 18 cents in Q2, down from the 21 cents posted in the similar quarter last year.
<p class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="This signficantly beat Wall Street estimates. Analysts polled by Refinitiv had estimated an average adjusted loss per share of 5 cents, as earlier reported by CNBC.” data-reactid=”21″>This signficantly beat Wall Street estimates. Analysts polled by Refinitiv had estimated an average adjusted loss per share of 5 cents, as earlier reported by CNBC.
Square’s net loss stood at $11.5 million, up 71.6% from last year’s $6.7 million. Overall adjusted EBITDA was at $97.9 million, down 7% from 2019 Q2’s 105.3 million.
<p class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="Cash App Leads Charge: The company’s largest revenue growth came with Cash App, which netted $281 million in gross profit on a total revenue of $1.2 billion.” data-reactid=”27″>Cash App Leads Charge: The company’s largest revenue growth came with Cash App, which netted $281 million in gross profit on a total revenue of $1.2 billion.
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Revenue through Bitcoin increased a whopping 600% for the payments app at $875 million. Bitcoin gross profit increased 711% YoY at $17 million.
The increase in both revenue and profits stemmed from a rise in customer demand. Square revealed that as of June, the app had 30 million monthly transacting active users.
<p class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="The Cash App offers Bitcoin purchase, commission-free stock trading, and allows customers to send money on a peer-to-peer basis as well as make payments. It competes with Apple Inc’s (NASDAQ: AAPL) Apple Pay, Alphabet Inc’s (NASDAQ: GOOGL) (NASDAQ: GOOG) Google Pay and PayPal Holding Inc’s (NASDAQ: PYPL) Venmo in the space.” data-reactid=”31″>The Cash App offers Bitcoin purchase, commission-free stock trading, and allows customers to send money on a peer-to-peer basis as well as make payments. It competes with Apple Inc’s (NASDAQ: AAPL) Apple Pay, Alphabet Inc’s (NASDAQ: GOOGL) (NASDAQ: GOOG) Google Pay and PayPal Holding Inc’s (NASDAQ: PYPL) Venmo in the space.
<p class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="Dorsey’s Personal Interest: Square CEO Jack Dorsey, who also leads Twitter Inc (NYSE: TWTR), has long expressed his support for Bitcoin. In an interview with The Times in 2018, he claimed the apex cryptocurrency has a potential to become the world’s sole currency by 2030. Dorsey personally invested in cryptocurrency startup CoinList in 2019.” data-reactid=”32″>Dorsey’s Personal Interest: Square CEO Jack Dorsey, who also leads Twitter Inc (NYSE: TWTR), has long expressed his support for Bitcoin. In an interview with The Times in 2018, he claimed the apex cryptocurrency has a potential to become the world’s sole currency by 2030. Dorsey personally invested in cryptocurrency startup CoinList in 2019.
<p class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="Photo courtesy: Shardayy Photography on Flickr” data-reactid=”33″>Photo courtesy: Shardayy Photography on Flickr
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<p class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="© 2020 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.” data-reactid=”39″>© 2020 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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