Tech

Square Doesn’t Reach Q3 Earnings Mark, Launches Cash App for Teens

Bottom line: Square’s third-quarter revenue was $ 3.84 billion. While it represents a 27 percent increase over the same period last year, it is well below the $ 4.51 billion that Wall Street analysts were expecting. Square shares are down about one percentage point this morning after the release of the income statement.

Gross profit, meanwhile, was $ 1.13 billion, up 43 percent from last year, and transaction-based gross profit was $ 543 million. Revenue from subscriptions and services reached $ 695 million for the quarter, up 55 percent from the same period a year earlier. Profit in this category was $ 563 million, up 48 percent from last year.

Square said its Cash app generated $ 1.82 billion in bitcoin revenue and $ 42 million in gross bitcoin profit for the quarter, up 11 percent and 29 percent from last year, respectively.

Square in related news recently opened its Cache application for users between the ages of 13 and 17. Up to this point, users had to be at least 18 years old to open an account. We were told that applicants would still need parent or guardian approval to open an account, and teenage users would not be able to trade bitcoin.

Users will receive a Visa debit card issued by one of Cash’s partner banks, and they will be able to add a variety of colors and stamps to it. Once activated, the card can be added to Apple Pay or Google Pay and used on those platforms.

Square Chief Financial Officer Amrita Ahuja said people in this age group will represent the majority of expenses in the coming years. “We can now meet the person earlier in their financial journey and grow with them over time.”




Source link

Read More

Leave a Reply

Your email address will not be published. Required fields are marked *

Back to top button