Log in
Forgot password ?
Become a member for free
Sign up
Sign up
New member
Sign up for FREE
New customer
Discover our services
Dynamic quotes 
News: Latest News
Latest NewsCompaniesMarketsEconomy & ForexCommoditiesInterest RatesBusiness LeadersFinance Pro.CalendarSectors 
All NewsEconomyCurrencies & ForexEconomic EventsCryptocurrenciesCybersecurityPress Releases

Square sails past profit estimates as bitcoin volumes surge

05/06/2021 | 06:31pm EDT
FILE PHOTO: Jack Dorsey, CEO of Square and CEO of Twitter, speaks during an interview with CNBC following the IPO for Square Inc., on the floor of the New York Stock Exchange

(Reuters) -Payments firm Square Inc handily beat Wall Street expectations for quarterly profit on Thursday, as surging demand for bitcoin fueled a jump in cryptocurrency transactions on its peer-to-peer payment service Cash App.

Stripping out one-time costs, the payments firm, led by Twitter Inc top boss Jack Dorsey, earned 41 cents per share. Analysts on average had expected 16 cents per share, according to Refinitiv IBES data.

Cash App generated $3.51 billion in bitcoin revenue, up eleven times from a year earlier, in a quarter when the most popular cryptocurrency hit $1 trillion in market capitalization for the first time.

Dorsey told analysts on a post-earnings call that the company views bitcoin as "the internet's potential to have a native currency."

"This is going to be a long-term focus, enabling bitcoin to be a native currency. It removes a bunch of friction for our business, and we believe fully that it creates more opportunities for economic empowerment around the world," he said.

Bitcoin has surged in value this year as the backing of top-tier companies including Tesla Inc power its march to the mainstream.

San Francisco-based Square said in February it had invested $170 million in bitcoin, raising its wager from the $50 million it had invested in the fourth quarter of 2020.

The company's top line was also strengthened by the shift to digital transactions, spurred by the COVID-19 pandemic that forced people to stay at home and shop online.

Gross payment volumes, a measure of the transactions processed on Square's platform, rose 29% in the first quarter to $33.1 billion.

Total net revenue jumped nearly four-fold to $5.06 billion.

(Reporting by Noor Zainab Hussain and Niket Nishant in Bengaluru; Editing by Sriraj Kalluvila and Aditya Soni)

By Noor Zainab Hussain

ę Reuters 2021
Latest news "Economy & Forex"
08/04Shares in Chinese e-cigarette firms slide after state media report
08/04Iron ore futures fall below 1,000 yuan mark as Chinese demand softens
08/04India reports 42,982 new covid-19 cases in last 24 hours - govt statement
08/04MLA MEAT & LIVESTOCK AUSTRALIA : weekly cattle and sheep market wrap
08/04Heavy lamb price at highest level in two years
08/04South Korean central bank board member Koh nominated to head financial regulator
08/04India enforcement agency threatens Flipkart, founders with $1.35 billion fine -sources
08/04Gold eases on firm dollar, hawkish Fed official
08/04INDIAN MORNING BRIEFING : Asian Markets Mixed; Earnings in Focus
08/04Nikkei gains on positive earnings, virus worries linger
Latest news "Economy & Forex"