Square reported third-quarter profit of $ 20 million

Financial services provider Square reported a $ 20 million financial profit in the third quarter of 2018. The company founded by Jack Dorsey introduced Bitcoin's purchase and sale option last year.

For the first time this year, Square reported significant profits and exceeded Wall Street's predictions in terms of share value.

Earlier this month, Square surpassed the market value of other companies founded by Jack Dorsey, Twitter. According to Yahoo Finance, the share price of the company in November 2017, before entering into Bitcoin transactions, was around $ 37. Today, the shares of the Stock Exchange amount to $ 75.01, while the company is at a market capitalization of over $ 30 billion. By comparison, Twitter is worth $ 25 billion.

Square lost $ 6 million in the second quarter, which means that the 20 million mark in the third quarter is a significant increase.

Wall Street predicted that the company's revenues will be $ 141 million in the third quarter of 2018. Square has overtaken these predictions and posted revenue of $ 431 million.

The company's revenue has grown steadily since Square has introduced the ability to buy and sell bitcoin from the Cash App. Transactions with BTC generated $ 43 million for the company in the third quarter, compared with $ 37 million in Q2.

However, profit in this area was lower because of the cost of maintaining licenses to legally trade in criptomonades in the United States. However, the effect of Bitcoin's integration on stock prices was more impressive, with an increase of nearly USD 100 at the end of September.

Jack Dorsey is a supporter of Bitcoin

CEO Jack Dorsey has been shown as a Bitcoin supporter for a long time. He said that over time, BTC will become the only currency of the Internet.

Square did not publish data on the Cash App user base. However, Dorsey has pointed out that customers have begun to use it as a replacement for a traditional bank:

"In general, users use the Cash App as they use a bank account. Stores money with us and can be used wherever Visa cards are accepted. They can send and receive money from friends and family. "