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Square, a mobile payment service provider, reported quarterly settlement of 2021. Revenue reached $50.6 billion, a 3.6-fold increase over the same period last year, driven by rising bitcoin prices.
Square is a company founded by Twitter CEO Jack Doh. It provides a system that can replace a smartphone with a credit card payment cashier, and an application Cash App that allows individuals to transfer money.
According to Square, revenue in the first quarter of 2021 was $5.06 billion and net income was $39 million. The 260% increase in revenue compared to the same period last year was mainly due to the surge in the value of Bitcoin held by Square. Square bought Bitcoin worth $50 million in October 2020 and $170 million in February 2021.
Square announced that Bitcoin revenue was $3.5 billion, 11 times that of the same period last year. In addition, Square reported that the total profit of the total sales increased by 79% year-on-year to $966 million, of which cash app sales total profit increased by 171% year-on-year to $495 million. In addition, Bitcoin was $75 million, with an interest rate of 2%.
In the financial statements, CEO Jack Doshi said in the financial statements, that bitcoin implies the possibility of becoming the basic currency on the Internet, and Square is thinking that it wants to promote its own movement if possible. He said he thought he could increase the chances. Related information can be found here.
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