Square quarterly profit jumps on bitcoin boost

3 weeks ago 18

Jack Dorsey, CEO of Square and CEO of Twitter, speaks during an interrogation with CNBC pursuing the IPO for Square Inc., connected the level of the New York Stock Exchange November 19, 2015. REUTERS/Lucas Jackson

Nov 4 (Reuters) - Square Inc (SQ.N) reported a astir 60% emergence successful third-quarter gross nett connected Thursday, fueled by a leap successful bitcoin transactions connected its peer-to-peer outgo work Cash App.

The payments firm, which is acquiring bargain now, wage aboriginal pioneer Afterpay Ltd (APT.AX) for $29 billion, posted gross nett of $1.13 cardinal successful the 4th ended Sept. 30.

Cash App generated $1.82 cardinal successful bitcoin revenue, up 11% from a twelvemonth earlier.

But San Francisco-based Square said bitcoin gross and gross nett decreased from the erstwhile 4th arsenic comparative stableness successful the cryptocurrency's terms drove down trading activity.

The company, led by Twitter Inc (TWTR.N) apical brag Jack Dorsey, has benefited successful the past twelvemonth from a pandemic-driven leap successful request for e-commerce from radical staying astatine home.

Its gross outgo volumes, a measurement of the transactions processed connected Cash App, roseate 27% to $3.7 billion.

Total nett gross jumped 27% to $3.84 billion.

Reporting by Noor Zainab Hussain successful Bengaluru; Editing by Devika Syamnath

Our Standards: The Thomson Reuters Trust Principles.

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