On May 1, a payment solutions provider, Square, provided its financial report for the first quarter of 2019. The report indicates that the company's profitability has increased due to the growth of Bitcoin sales through the Cash App.
Square – financial report for the first quarter of 2019
As it became known, the company of Jack Dorsey (who is also the CEO of Twitter) has an extraordinary success in the field of Bitcoin-sales. The total profitability of Square for the first fiscal quarter of this year was more than $ 65.5 million.
At the same time, the company also reported on its expenses, which amounted to 4.6 million US dollars. According to estimates, the net profit from the Bitcoins Cash App sales application is fixed at $ 832,000. This is a record amount for the company, which, according to the report, shows an 80% increase.
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In the preface to the financial statements, the company also stated that it was not going to change its operating principles.
“Our approach is the same as in the Cash App: we see an opportunity to create a similar ecosystem of services for individuals, giving everyone financial access and allowing everyone to send, spend and save money from a single application.” – Square.
The Square crypto-company announced a record profit in 2019. Recall that the director of the company, Jack Dorsey, is looking for crypto-engineers to expand the company.
Editor: Pereyidenko Ihor