Payment platform Square (NYSE:SQ) saw a new revenue high from bitcoin (BTC) sales through its Cash app, while profits from Bitcoin sales remained low, according to a letter to shareholders outlining first quarter (Q1) 2019 financial figures.
In its recently published letter on earnings — which is unaudited — Square revealed that in the Q1 2019 the company’s total net revenue grew 43% year over year, amounting to $959 million, wherein bitcoin revenue was $65.5 million. Bitcoin costs for the same period reportedly amounted to $64.7 million, meaning that overall bitcoin profits amounted to roughly $830,000.
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