CashApp‘s success in the previous quarter was mostly unrelated to Bitcoin revenue, but the rise in these transactions is remarkable.
Bitcoin Sales on CashApp are Up 25% from the Previous Quarter
Block, previously known as Square and still used for its business platform, has reported a modest increase in revenues and earnings per share despite skepticism stoked in part by a study released by short-sellers at Hindenburg Research. According to reports, the company is now thinking about suing Hindenburg Research.
We intend to work with the SEC and explore legal action against Hindenburg Research for the factually inaccurate and misleading report they shared about our Cash App business today. We will not be distracted by typical short-seller tactics.
Block
Block’s stock fell sharply when the report was released, despite the fact that its quarterly performance was excellent. However, for the benefit of its investors, the company has disclosed that its earnings per share have increased to 40 cents from the analysts’ expected 35 cents.
Block’s Recovery and Bitcoin
The CEO of Block and co-founder of Twitter, Jack Dorsey, has long been a supporter of Bitcoin. With outcomes that potentially portend even greater success in the future, the cryptocurrency significantly impacted his company’s financial bottom line this quarter.
One of Block’s most popular products, CashApp, saw a 25% growth in Bitcoin sales from the previous year, according to Block. In the previous quarterly report, Bitcoin sales had declined by 7% YoY, which stands in stark contrast to this.
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