Square beats Wall St estimates on earnings and revenue
Mobile financial services aggregator Square Inc has reported 13 cents a share on $815m of revenues, better than expected. The analyst community had penned in 11 cents for the second quarter and significantly lower revenues for the bitcoin trader.
Overall revenues, post transaction and bitcoin costs, saw revenues of $385m reported the fintech start-up which is piloted by Twitter boss Jack Dorsey (left).
Bitcoin Q2 costs not clear
Square Cash has supported bitcoin trading since the start of the year with its Cash App, which has aspirations to be a primary bitcoin trading platform.
In the first quarter Square saw almost $34.1m in bitcoin revenues but it had to contend with $33.9m in bitcoin costs, rather taking the shine off the numbers and seeing a sell-off in its stock price.
This quarter there was little detail on bitcoin costs on overall adjusted revenues though Square confirmed it generated $37m in bitcoin revenues, total. So, just $3m more than the first quarter.
No great crypto push
“We’re not trying to push on the monetization of bitcoin today,” Square’s CFO Sarah Friar said, reported PYMNTS.com. “The costs are effectively costs for us to go into the market and buy bitcoin.”
Shares in Square Inc have accelerated close to 150% in the last 12 months. The company has earmarked the UK as a “particular focus area”.