Square buys $170 million more in bitcoin to boost crypto holdings – Yahoo Finance

Square buys $170 million more in bitcoin to boost crypto holdings – Yahoo Finance

Benzinga

Square Posts Strong Q4, Full-year Earnings; Purchases $170M In Bitcoin

Payment services provider Square (NYSE: SQ) posted a 52% year-over-year increase in Q4 2020 gross profit of $804 million and up from $794 million in Q3 2020. Total net revenue for the quarter was $3.16 billion, up 141% year-over-year, versus analysts’ consensus of $3.11 billion. Transaction-based revenue was $929 million in the fourth quarter of 2020, up 12% year over year, and transaction-based gross profit was $394 million, up 26% year over year. Subscription- and services-based revenue was $449 million in the fourth quarter of 2020, up 60% year over year. Operating expenses were $759 million in the fourth quarter of 2020, up 49% year over year, and non-GAAP operating expenses were $622 million, up 51% year over year. The company’s mobile payment service, Cash App, powered the rise with a 162% year-over-year increase to $377 million in gross profit, while the Seller ecosystem generated gross profit of $427 million, up 13% year-over-year. Cash App had more than 36 million monthly customers active, a 50% increase year-over-year. Square announced its earnings results after the market closed on Tuesday. Almost overshadowing the strong earnings was the announcement that it has purchased approximately 3,318 bitcoins at a cost of $170 million. The company previously had purchased $50 million in bitcoin. The total
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