Square's revenue soared 64% year over year, to $1.9 billion, though much of the gains were driven by a surge in the company's low-margin bitcoin trading revenue. Additionally, Square's merchant customers demonstrated an impressive ability to adapt to shifting retail trends during the COVID-19 crisis. Square's gross payment volume (GPV) from online channels surged 50% year over year -- and comprised more than 25% of its total GPV -- in the second quarter. Read More...
Why Square Stock Jumped Today
Square’s revenue soared 64% year over year, to $1.9 billion, though much of the gains were driven by a surge in the company’s low-margin bitcoin trading revenue. Additionally, Square’s merchant customers demonstrated an impressive ability to adapt to shifting retail trends during the COVID-19 crisis. Square’s gross payment volume (GPV) from online channels surged 50% year over year — and comprised more than 25% of its total GPV — in the second quarter.
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