Square, a mobile payments company founded by Twitter CEO, more than triples its revenue due to soaring Bitcoin

Square, a mobile payment service provider, reported its financial results for the first quarter of 2021 (January-March). Revenues increased about 3.6 times year-on-year due to the rise in Bitcoin prices, reaching $ 5.06 billion.

UNITED STATESSECURITIES AND EXCHANGE COMMISSION
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Square gets a bitcoin boost with revenue up 266%
https://www.cnbc.com/2021/05/06/square-sq-earnings-q1-2021.html

Square Posts Earnings Surprise, Bitcoin Revenue Up 11x --Decrypt
https://decrypt.co/70138/square-earnings-surprise-bitcoin-revenue-up-11x

Square is a company founded by Twitter CEO Jack Dorsey and others, and provides a system that allows smartphones to be used as a cash register for credit card payments, and an app ' Cash App' that allows remittances between individuals.

I actually tried using 'Square Reader' that can use iPhone, iPad, etc. as a cash register for credit card payment --GIGAZINE

According to Square, revenue for the first quarter of 2021 was $ 5.06 billion and net profit was $ 39 million.

The increase in profits of '260% year-on-year' was mainly due to the soaring value of Bitcoin owned by Square. Square purchased $ 50 million worth of Bitcoin in October 2020 and $ 170 million worth of Bitcoin in February 2021.

Twitter founder mobile payment company 'Square' announced that it purchased about 18 billion yen of Bitcoin --GIGAZINE

Square has announced that 'bitcoin revenue has increased 11 times year-on-year to approximately $ 3.5 billion.'

In addition, the gross profit of Square as a whole increased by 79% from the same period of the previous year to $ 964 million (about 105 billion yen), of which the gross profit of Cash App increased by 171% from the same period of the previous year to $ 495 million (about 540). 100 million yen). In addition, Bitcoin's gross profit was 75 million dollars (about 8.1 billion yen), and the gross profit margin was about 2%.

'Bitcoin has the potential to become a native currency on the Internet, and Square wants to drive that move as much as possible,' Dorsey said in a statement. 'Bitcoin has a lot of friction. I believe we can get rid of it and increase the chances of financial independence around the world. '