Square Inc reported a nearly 60% rise in third-quarter gross profit on Thursday, fueled by a jump in bitcoin transactions on its peer-to-peer payment service Cash App.
The payments firm, which is acquiring buy now, pay later
pioneer Afterpay Ltd for $29 billion, posted gross profit of $1.13 billion in
the quarter ended Sept. 30.
Cash App generated $1.82 billion in bitcoin revenue, up 11%
from a year earlier.
But San Francisco-based Square said bitcoin revenue and
gross profit decreased from the previous quarter as relative stability in the
cryptocurrency's price drove down trading activity.
The company, led by Twitter Inc top boss Jack Dorsey, has
benefited in the past year from a pandemic-driven jump in demand for e-commerce
from people staying at home.
Its gross payment volumes, a measure of the transactions
processed on Cash App, rose 27% to $3.7 billion.
Total net revenue jumped 27% to $3.84 billion.
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