On May 6, Square released its filings for the commencement quarter of 2022. The filings publicized revenue for Square's Cash App, a bulk of which came from Bitcoin.

The numbers for Q1 and Bitcoin's office

$306 1000000 of Cash App's $528 million revenue for the offset quarter of the year came from Bitcoin.

Despite those numbers, Bitcoin composed a minor fraction of Greenbacks App's profit, but $7 million of $183 million total profit. The company explained why it separated Bitcoin acquirement as existence more of a core mission:

"We deduct bitcoin revenue considering our role is to facilitate customers' access to bitcoin. When customers buy bitcoin through Cash App, we only apply a small margin to the market place cost of bitcoin, which tends to exist volatile and outside our control."

Changes over the yr amid COVID-nineteen

Cash App reported a 115% increase in turn a profit year-over-year. In an investor call on May 6, a member of Foursquare's team credited "efficient new customer acquisition," which usually translates to good marketing and ease of apply.

Source: Square Q1 SEC Filing

The numbers for investors were less rosey, with earnings earlier involvement, taxes, depreciation, and amortization slipping from $119 million in Q4 to $9 million this quarter.

On the same call with shareholders, executives including Jack Dorsey emphasized Square's functioning in January and February rather than March, when the Coronavirus pandemic began ravaging markets.

Dorsey praised the visitor's "agility" amid this economic crisis. His colleague noted "We are encouraged past Cash App's performance in Apr."