In Square’s quarterly financial report, published on 1st August, indications were that the company is experiencing growing profit in terms of Bitcoin sales. When compared with Q1, which saw around $225,000 made as a profit from the sale of Bitcoin, Q2 reports $420,000 – almost double the profit from the previous quarter.
The increase in revenue across the board on Q1 (their overall net revenue was $814 million) continues an upward trend that has been almost completely fluid since the start of 2015. Indeed, Square’s stock has risen by 90% since the start of 2018 and while Bitcoin only turns a relatively modest profit, the gross revenue of $37 million is also greatly increased, with the company having repeatedly said that monetization of BTC is not the goal.
It’s fair to say that it’s been a good year for Jack Dorsey – also the owner of Twitter. Despite a shocking day last week, when Twitter’s share price fell by 20% in 24 hours, revenue is still up in Q2 from Q1 (although the massive drop happened outside the Q2 reporting window).
Meanwhile, Square have expanded their San Francisco office by over 25%, with room for an extra 500 employees. The 469,056 square-foot space is one of the largest in the city.