The volatile price of bitcoin, which soared above $13,000 in late 2017 and plunged to about $3,000 earlier this year, made Square's bitcoin bet seem risky. Yet the business remained profitable, and generated $65.5 million in revenue last quarter -- marking its strongest quarter to date.
Square's bitcoin business won't move the needle anytime soon, but its top and bottom line growth is impressive, especially since bitcoin shed roughly 40% of its value over the past 12 months. If bitcoin's price rises again and it attracts more buyers, Square's bitcoin revenue and gross profits could surge much higher.
Source: https://finance.yahoo.com/news/square-apos-bitcoin-platform-remains-230000557.html?guccounter=1
Topic: [2019-05-08] Square's Bitcoin Platform Remains Surprisingly Profitable (Read 73 times)
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