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Square’s earnings 2.5X expectations, Bitcoin revenue up 1000% in 12 months

Square’s quarterly earnings beat out expectations by more than double thanks to Bitcoin’s dramatic rally.
U.S.-based financial services firm, Square Inc, reports that its quarterly earnings doubled analyst expectations amid booming demand for crypto assets.Global financial data provider Refinitiv had predicted Square would see earnings of 16 cents per share in Q1 2021, but the firm ended up earning 41 cents per share. Square saw $5.06 billion in revenue, dwarfing Refinitiv’s prediction of $3.36 billion.Bitcoin alone drove $3.5 billion in revenue, an astonishing increase of 1,000% in just 12 months.Square’s quarterly gross profit also surged 79% year-over-year to tag $964 million. More than half of the firm’s profits can be attributed to its crypto-friendly payment application, Cash App, which drove $495 million in gross profits — a 171% increase when compared to Q1 2020.While Bitcoin turnover was in the billions, the

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Źródło: https://cointelegraph.com/news/square-s-earnings-2-5x-expectations-bitcoin-revenue-up-1000-in-12-months

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