Square Beat on Both the Top and Bottom Line in the Second Quarter

Mobile payment company Square reported second quarter earnings this week that revealed revenue and EPS both beating what Wall Street expected.

EBITDA and EPS guidance however for the third quarter came up short.

The company also revealed that it is making a tiny profit on bitcoin and that the cryptocurrency won’t be a money ‘engine’ soon.

It was in the second quarter that Bitcoin brought in $37 million for the company but when
you consider Square spent $36.6 million to offer it on the Cash App, only $420,000 was made.

“We’re not trying to push on the monetization of bitcoin today,” remarked Square Chief Financial Officer Sarah Friar.

“It’s not a major monetization engine,” she said. “The goal is to continue to drive utility in the Cash App.”

For the quarter, Square reported adjusted second-quarter earnings of 13 cents a share on revenue of $815 million. Analysts expected 11 cents in EPS and revenue of $774.6 million.

Disclaimer: We have no position in Square Inc. (NYSE: SQ) and have not been compensated for this article.