SQ has positively reacted to the recent company’s Q4 earnings report. Square is making a good process in its Bitcoin business.Square Inc (NYSE: SQ) has reported its fourth-quarter earnings have that improved significantly. In a statement about its Q4 results, the payments processor indicated that it had generated revenue of about 8 million between November 1 and December 31. These revenues reportedly came from its Bitcoin business. The million generated indicated a 50% rise from 2 quarters prior. Revenues from other businesses reached 3 million. Earnings of Square Show ImprovementsSquare (SQ) stock has grown by around 8% to about .10. This occurred in after-hour trading. As at the time of writing, the SQ stock price keeps growing. Now it is around which shows a close to 10%
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SQ has positively reacted to the recent company’s Q4 earnings report. Square is making a good process in its Bitcoin business.
Square Inc (NYSE: SQ) has reported its fourth-quarter earnings have that improved significantly. In a statement about its Q4 results, the payments processor indicated that it had generated revenue of about $178 million between November 1 and December 31.
These revenues reportedly came from its Bitcoin business. The $3 million generated indicated a 50% rise from 2 quarters prior. Revenues from other businesses reached $183 million.
Earnings of Square Show Improvements
Square (SQ) stock has grown by around 8% to about $81.10. This occurred in after-hour trading. As at the time of writing, the SQ stock price keeps growing. Now it is around $84 which shows a close to 10% increase since the markets began trading.
It also indicates enthusiasm for Square in a season where the COVID-19 fears have taken over global markets. Earnings rose to 23 cents per share. This is above the expected 21 cents that analysts had estimated. Revenue also reportedly went up to $1.31billion. This is also higher than the expected $1.186 billion that analysts had been expecting. The results are also much higher than previous earnings of 14 cents per share and $933 million a year before.
End -of-year profits reached $8 million. The revenue base for this was $516 million. Square CEO Jack Dorsey indicated that the new design of its mobile Cash App lets new users find new services easily. He also indicated that the Bitcoin peer-to-peer business was a major profit center. He said:
“The peer-to-peer transfers network continues to be our best acquisition channel as each person with an account brings in more folks just by sending or receiving money.”
This is great news for the crypto space as it indicates that the increased adoption of cryptocurrencies is already underway. It also raises the prospects of hybrid models such as Square to be the next wave of unicorns to sweep the fintech community. New information was also shared about its popular Cash App.
It indicated this in its earnings report that Cash App has about 24 million users. These users represent its December statistics. This is also a yearly 60% increase. Yearly revenue has also increased to $30 from $15 two years ago. Net revenue for Cash App rose to $361 million. This is a 147% increase in Services and Subscription also grew by 45% to $281 million. The expected estimates were $261 million.
Square May Make Acquisitions This Month
Square is acquisition ready. It reportedly has a cash chest of $2.1 billion. This gives it an arsenal that it can use to make additions to its family of products and services. What remains unclear however is how much of this will be added to its Bitcoin business. The Bitcoin business though seems to be the most valued strategic business unit of the payments unicorn. Investors’ day is scheduled to hold next month.
Given Dorsey’s love affair with Bitcoin and of course his involvement with Twitter, Square is set to continue to gain traction. This will spill over into the crypto space as twitter is a primary home for this community. The effect of “crypto twitter” will be seen in Cash App. Gauging it though is another story for another day.
Christopher Haruna Hamman is a Freelance content developer, Crypto-Enthusiast and tech-savvy individual. He is also a Superstar Content Developer, Strategy Demigod, and Standup Guy.