Square Inc., the Bitcoin payment app led by Jack Dorsey released its quarterly financial reports for shareholders on August 1st, reporting $4.68 Billion in total revenue in the second quarter of 2021. Square’s revenue grew 143% year-on-year (YoY). The firm mentioned it has seen a “significant growth in Bitcoin revenue,” estimated to be worth$2.72 Billion, seeing a 3X growth YoY.
The gross profit from Bitcoin however was only 2% of the total revenue at $55 million. The firm in its Q2 shareholder’s letter mentioned that the total Bitcoin revenue and gross profit declined in the second quarter in comparison to the first because of the price correction. The total Bitcoin revenue has fallen by 22.28% while the gross profit fell by 26.66% compared to the first quarter.
Source: Square Shareholder Letter
Square Reports $45 Million in Impairment Loss
The price of Bitcoin fell more than 50% in May from an ATH of $64,865 and currently trading just above $40,000. The massive price fall h
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