Square Inc (NYSE:SQ) said Sunday that it saw “significant growth” in Bitcoin (CRYPTO: BTC) revenue in the second quarter. What Happened: The Jack Dorsey-led company said Bitcoin revenue rose 3x year-over-year to $2.72 billion in the second quarter of 2021, while gross profit from the apex cryptocurrency was $55 million, or nearly 2% of Bitcoin revenue.
Investor's Business Daily
Tech stocks Square (SQ), Microsoft (MSFT), and YouTube and Google parent Alphabet (GOOGL) are showing strength. In addition to securing a spot on IBD Leaderboard, they've also all earned a spot among the Most Trusted Technology Companies. PayPal (PYPL) also made both lists, although PYPL stock has run into selling pressure.
It's hip to be Square? Well, it might be. On Sunday, Square (SQ) made a whole lot of news. First, the firm announced that it had agreed to buy Afterpay (AFTPF) , an Australian "buy now, pay later" payments platform for $29 billion in stock. Square also pre-released the firm's second quarter financial performance with that news. The earnings had not been expected until later this week.
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Stock futures are pointed higher to start the new month, with futures on the Dow Jones Industrial Average (DJI) up 97 points, while S&P 500 Index (SPX) and Nasdaq-100 Index (NDX) futures are also sporting solid gains. Boosting sentiment this morning are easing Covid-19 delta variant fears, as well as progress towards an infrastructure bill in the Senate, which included $550 billion in new spending over the next five years, in addition to the previously approved $450 billion.
Because of few dangerous growth packs in a row from World of Warcraft, gamers are coming to Final Fantasy XIV in droves. After all, that’s not the one factor drawing gamers into the 14 community. Gamers like Asmongold and Summit1g, gigantic streamers in their very own proper on Twitch, have additionally managed to lure a number of further gamers into subscribing to Sq. Enix’s MMO juggernaut.
Jack Dorsey saw a major Bitcoin boost as his payments focussed fintech firm Square Inc (NYSE: SQ) doubled revenues in its Bitcoin and crypto business. Square’s mobile banking platform CashApp increased Bitcoin services revenues by some 200% year-on-year to US$2.72bn - albeit, it marked a 22.3% dip from US$3.5bn generated in the prior quarter in which Bitcoin hit all-time highs. The CashApp unit made a gross profit of US$546mln, up 94% year-on-year. It helped Square’s second-quarter results blow past expectations, with adjusted earnings per share of US$0.66 versus consensus forecasts for US$0.31. Square, which aside from CashApp operates a mobile-phone linked card payments platform, reported US$204mln of net income on US$4.68bn of revenue which was shy of Wall Street expectations of just over US$5bn. It comes as Square’s small to medium-sized enterprise clientele continue to bounce back following the Covid-19 lockdowns. In other headline news, Square also revealed a deal to acquire Australian ‘buy now pay later’ firm Afterpay in a US$29bn deal. Whilst CashApp’s Bitcoin services revenue was boosted by activity levels in crypto, a decrease in value of Bitcoins owned by Square resulted in a US$45mln impairment against the group’s intangible assets. Square presently holds around 8,027 Bitcoins, according to crypto data website Bitcoin Treasuries. The company also warned that its Bitcoin holdings could see further fluctuations in coming quarters due to the volatile nature of the crypto market. READ: Dorsey and Square plan to unlock crypto payments Jack Dorsey, founder of Twitter and Square, is a long-standing proponent of cryptocurrency and blockchain technologies. In July, he launched a new venture via Square with a new business somewhat tongue-in-cheek named TBD, which pledges to build an open developer platform for Bitcoin. The venture is being led by Mike Brock, who heads the Strategic Development Group at CashApp. Square’s new business is focused on decentralised financial services, using Bitcoin. A decentralised finance (or DeFi) application will be aimed at recreating traditional financial systems such as banks and exchanges based in cryptocurrency. Dorsey last month also announced a venture that will invest US$5mln to build an open-source, solar-powered Bitcoin mining facility. Meanwhile, on the hardware side, Square is making a physical wallet for Bitcoin tied to its digital payment services to potentially allow even small vendors to easily switch-on crypto based payments.
Sq. to purchase Afterpay for $29 billion as ‘purchase now, pay later’ booms. Sq. Inc. on Monday stated it has agreed to buy ‘purchase now, pay later’ pioneer Afterpay Ltd. to create a world on-line funds big, providing a 30% premium in a Share-swap deal that’s set to be Australia’s biggest-ever buyout.
Dana Stalder is a accomplice at Matrix Companions. The previous business chief (Product, Gross sales and Advertising) at PayPal, he now leads fintech investing at Matrix Companions, the place he additionally invests in client marketplaces and enterprise software program. Extra posts by this contributor. 2019 noticed a stampede of fintech...
In a blockbuster deal that rocks the fintech world, Sq. introduced in the present day that it’s buying Australian purchase now, pay later big Afterpay in a $29 billion all-stock deal. The acquisition value is predicated on the closing value of Sq. widespread inventory on July 30, which was $247.26....
Square plans to purchase Australian fintech firm Afterpay because it seems to increase additional into the booming installment mortgage market. Jack Dorsey‘s funds firm introduced the $29 billion, all-stock deal on Sunday night. The worth tag marks a roughly 30% premium to Afterpay’s final closing worth. “Sq. and Afterpay have...
Square Stock – Banks on Notice: Afterpay Acquisition by Square. In today’s Money Morning…why APT acquisition by SQ is a match made in heaven…SQ to list on ASX means C(BA), WBC, NAB, and ANZ are sweating…invest accordingly…and more…. Wow, what a bombshell on Monday morning. Afterpay Ltd [ASX:APT] is set...
Jack Dorsey’s Sq. has reported a 200% improve in Bitcoin income for the second quarter year-on-year (YoY). The corporate introduced the spectacular earnings figures in its second-quarter shareholder letter on August 1. Within the report, Sq. revealed its complete gross revenue grew 91% YoY to $1.14 billion. Bitcoin providers drove...
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Take a look at the businesses making headlines in noon buying and selling. Sq. — Jack Dorsey’s funds firm noticed its shares surge 10% after the agency introduced plans to purchase Australian fintech firm Afterpay in a $29 billion, all-stock deal because it seems to be to increase additional into the booming installment mortgage market. The worth tag marks a roughly 30% premium to Afterpay’s final closing value. Sq. additionally reported second-quarter earnings of 40 cents per share, up from a lack of 3 cents per share over the identical interval final yr. The corporate’s gross revenue elevated 91% from a yr in the past, which marked a file quarterly development price.
Shares of the monetary providers firm Sq. tumbled nearly 5 p.c in premarket buying and selling Monday after it introduced a $29 billion deal to amass “purchase now, pay later” agency Afterpay. Sq., which is helmed by Twitter boss Jack Dorsey, introduced the all-stock deal on Sunday night. Shares of...
Sq. has introduced it’s going to buy Afterpay for US$29 billion. As an Australian, I’ve to confess a little bit of delight within the Aussie-built Afterpay taking its place on the worldwide stage with this deal, the most important in Australian company historical past. It appears everyone seems to be...
Square Inc. (SQ) shares were trading at $233.7 in pre-market trading at last check, down -5.48%. SQ stock declined -3.14% to close the Friday session at $247.26. SQ stock volume on the day was 7.57 million shares, which was lower than the average daily volume of 7.66 million shares over the past 50 days. The price of Square stock has been falling even after the company inked a Deed to acquire a buy-now-pay-later firm (BNPL).
Square Stock News and Forecast: Market sells off SQ after surprise earnings, acquisition announcement
SQ shares dropped Monday after payment provider announced acquisition of Afterpay. Square also released Q2 earnings on Sunday and missed revenue projections. SQ stock is trading within a descending price channel. This is one of those days it is not hip to be Square (NYSE: SQ). Already scheduled to release...