We're announcing our Q3 2018 earnings today after 1pm PT, with our conference call at 2pm. We’ll be sharing results from this account. $SQ
According to the third quarter report, Square posted earnings of $0.13 per share vs. expected earnings of $0.11 and revenue of $431 million vs. forecasted revenue of $413.9 million. Square Cash, a money transfer app that enables Bitcoin purchases, also reportedly surpassed PayPal’s Venmo in total downloads during the quarter.
While Square had a record quarter in terms of Bitcoin revenue, the operational cost for that revenue was $42.4 million, leaving a profit of only $555,000. However, Bitcoin trading was just recently expanded to users in all 50 states, and adoption of the app continues to improve.
“We do see people use the Cash App fundamentally as you would expect them to use a bank account,” Square CEO Jack Dorsey said. “They store money with us, it’s accepted anywhere Visa is accepted. They can send and receive money from friends and family.”