Square, a financial services firm owned by Twitter CEO has recently revealed that it managed to generate huge revenue from Bitcoin trading. As per the reports, the firm reported revenue of $875 million in revenue only from Bitcoin trading.
This amount has been generated in the second quarter of 2020 through trading on Cash App products. The firm was able to gain around 75% in this quarter as compared to the first quarter of 2020. As far as gross profit is considered, the Bitcoin services of Square managed to generate $17 million of gross profit. Along with this, it has also been revealed that the Cash app has around 30 million active users.
Total net revenue of Square is $1.92 Billion
A data has also been published by Square which is in response to the early external access to its quarterly financials. The quarterly total net revenue of the firm has reached $1.92 billion. This amount is around 75% more than what has been forecasted and 64% more gain year-over-year. In the past five days, the share prices of Square have seen a 9% increase.
600% increase in revenue and a 150% increase in gross profit
As far as the quarterly performance of Square is considered, there has been a 600% increase in revenue. Along with this, a 150% increase has been seen in the gross profit of the firm when compared to the first quarter of 2020. The revenue that the firm has generated from Bitcoin trading is around 2.85% of the total gross profit of the firm for this quarter.
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