Square sails past profit estimates as bitcoin volumes surge By Reuters – Investing.com
- Date: 07-May-2021
- Source: Investing.com
- Sector:Financial Markets
- Country:Middle East
Square sails past profit estimates as bitcoin volumes surge By Reuters – Investing.com
(Reuters) - Square Inc (NYSE:) reported a quarterly profit on Thursday as sky-high demand for bitcoin drove a surge in cryptocurrency transactions on its peer-to-peer payment service Cash App.
The payments firm, led by Twitter Inc (NYSE:) top boss Jack Dorsey, posted a net income of $39.01 million, or 8 cents per share, for the quarter ended March, compared with a loss of $105.9 million, or 24 cents per share, a year earlier.
has surged in value this year as the backing of top-tier companies including Tesla (NASDAQ:) Inc, Bank of NY Mellon (NYSE:) and Square fuel its march to the mainstream.
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