{"id":14824,"date":"2021-11-05T15:27:01","date_gmt":"2021-11-05T19:27:01","guid":{"rendered":"https:\/\/www.technewsday.com\/?p=14824"},"modified":"2021-11-22T17:19:30","modified_gmt":"2021-11-22T22:19:30","slug":"square-quarterly-profit-rises-on-bitcoin-boost","status":"publish","type":"post","link":"https:\/\/technewsday.com\/staging\/square-quarterly-profit-rises-on-bitcoin-boost\/","title":{"rendered":"Square Quarterly Profit Rises on Bitcoin Boost"},"content":{"rendered":"\n<p class=\"wp-block-paragraph\">Square Inc on Thursday announced a 60% rise in its third-quarter gross profit, driven largely by an increase in bitcoin transactions on its peer-to-peer payment platform Cash App.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The payments services company, which plans to buy now, pay later pioneer Afterpay Ltd for $29 billion, announced a third-quarter gross profit of $1.13 billion.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Cash App posted $1.82 billion in bitcoin revenue, up 11% from 2020.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Still, California-based Square also noted that bitcoin revenue and gross profit declined sequentially as the relative stability of the bitcoin price led to a decline in trading activity.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Led by Twitter Inc chief executive Jack Dorsey, Square has benefited from a pandemic-induced surge in demand for e-commerce from people remotely.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Gross payment volume, a measure of transactions processed through Cash App, increased 27% to $3.7 billion, while total net revenue increased 27% to $3.84 billion.<\/p>\n\n\n<p>For more information, you may view the <a href=\"https:\/\/www.reuters.com\/technology\/square-quarterly-profit-jumps-bitcoin-boost-2021-11-04\/\">original story<\/a> from Reuters.<\/p>","protected":false},"excerpt":{"rendered":"<p>Square Inc on Thursday announced a 60% rise in its third-quarter gross profit, driven largely by an increase in bitcoin transactions on its peer-to-peer payment platform Cash App.<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[57],"tags":[],"class_list":["post-14824","post","type-post","status-publish","format-standard","hentry","category-companies"],"acf":[],"_links":{"self":[{"href":"https:\/\/technewsday.com\/staging\/wp-json\/wp\/v2\/posts\/14824","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/technewsday.com\/staging\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/technewsday.com\/staging\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/technewsday.com\/staging\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/technewsday.com\/staging\/wp-json\/wp\/v2\/comments?post=14824"}],"version-history":[{"count":3,"href":"https:\/\/technewsday.com\/staging\/wp-json\/wp\/v2\/posts\/14824\/revisions"}],"predecessor-version":[{"id":14882,"href":"https:\/\/technewsday.com\/staging\/wp-json\/wp\/v2\/posts\/14824\/revisions\/14882"}],"wp:attachment":[{"href":"https:\/\/technewsday.com\/staging\/wp-json\/wp\/v2\/media?parent=14824"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/technewsday.com\/staging\/wp-json\/wp\/v2\/categories?post=14824"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/technewsday.com\/staging\/wp-json\/wp\/v2\/tags?post=14824"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}