Jack Dorsey’s payment company Square Inc. Third Quarter Earnings Report The quarterly profit of the mobile payment application Cash App fell by 23%.
But Bitcoin’s profits and revenues are growing year-on-year.
Square attributed the quarterly decline in Bitcoin revenue and gross profit to “the relative stability of Bitcoin prices, which has affected trading activity compared to previous quarters.”
The Cash App allows users in the United States and the United Kingdom to buy Bitcoin and transfer money to BTC peer-to-peer.according to Applied Brain It currently ranks second in the number of financial app installs on the Google Play store in the United States, second only to the first Encrypted Net.
After the price dropped from nearly $63,000 in the previous quarter to approximately $31,000 in the second quarter, Bitcoin’s volatility in the third quarter was much smaller than in the second quarter, and the price of bitcoin in the third quarter ranged from approximately USD 30,000 to USD 50,000.
The financial report shows that in the third quarter of 2021, Bitcoin revenue reached 1.82 billion U.S. dollars, while Bitcoin’s gross profit reached 42 million U.S. dollars, an increase of 11% and 29% year-on-year. The report attributed part of the year-on-year increase to the rise in the price of Bitcoin.
Cash App is now targeting the youth market. November 4th, Jack Dorsey Tweet everyone 13 years old and above The Cash App can now be used for its peer-to-peer transaction function, but they currently cannot use it to deposit checks or buy bitcoins.This makes Cash App compete with Apple Cash Family choice. Adding Bitcoin functionality to teenagers will differentiate it from all other features (including Apple Cash and Venmo) and help increase profits.
The Cash App is now available to anyone 13 years and older https://t.co/TeK8uPQ9Tt
— Jack ⚡️ (@jack) November 3, 2021
Despite the weakness of Bitcoin revenue, Cash App achieved solid overall growth in the third quarter of 2021, achieving revenue of US$2.39 billion and gross profit of US$512 million, an increase of 16% and 33%, respectively.
Cash App made headlines earlier this week after being recognized by the popular NFL quarterback Aaron Rogers, He stated that he is cooperating with Cash App to accept part of the salary in Bitcoin.
Square Inc.’s stock price fell to $237.88 in after-hours trading, down 3.87%.