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Square’s Cash App Q2 Bitcoin Revenue Rose 200%, $45M Bitcoin Impairment Loss Taken
Summary: Square’s Cash App service’s bitcoin revenue rose 200% to $2.72 billion from $875 million a year earlier while bitcoin gross profit jumped to $55 million from $17 million, Square said in its Q2 financial letter to shareholders, which was released Sunday evening. Future quarters may see fluctuation in bitcoin revenue and gross profit as a ...
Square’s Cash App service’s bitcoin revenue rose 200% to $2.72 billion from $875 million a year earlier while bitcoin gross profit jumped to $55 million from $17 million, Square said in its Q2 financial letter to shareholders, which was released Sunday evening.
Future quarters may see fluctuation in bitcoin revenue and gross profit as a result of changes in customer demand or market price, the letter says.
During Q2 Square recognized an impairment loss of $45 million on the in bitcoin the company holds. Separately, Square announced on Sunday that it agreed to buy Australian installment payment company Afterpay.
By Amy Liu
Tags: Bitcoin,Impairment Loss,Revenue,Square
Link: Square’s Cash App Q2 Bitcoin Revenue Rose 200%, $45M Bitcoin Impairment Loss Taken [Copy]
