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E-commerce GPV increased 50% YoY in Q2 2020
Square reported a strong start to the year with revenue and earnings. Revenues were up 43.9 percent from Q2 2018. Profitability was up 200% compared to last year. A significant part of Square’s growth has been driven by the company’s ability to expand its customer base.
Square’s Cash App has been gaining traction and has been a key driver of revenue growth. In the US alone, the Square ecosystem has over 100 million users. The company has launched its products and services in countries around the world. It has offices in Japan, Australia, and Canada.
The company’s contactless POS offerings have helped to drive acquisitions. As a result, the number of new active users rose in July. This, in turn, contributed to higher revenue per customer. During the quarter, Square saw an increase in the percentage of users using two or more products.
Cash app users increased 25% in H1 20 and 100% since the end of 2018 to 30m monthly users
The Square Cash App is the fastest growing digital wallet in the US. It allows users to transfer money and buy and sell bitcoin cryptocurrency. Despite the growth, the company is still a small player compared to Venmo and PayPal.
The product is free for consumers, and merchants can integrate Cash App Pay into their own systems, making it easy to manage and reward customers. Users can also receive and invest in shares and ACH payments.
During the quarter, the company made a profit of $32 million. However, it is unlikely to reach EBITDA level profits until 2020. Until that time, the company will focus on expanding the sales team.
Block Inc. (SQ) is a mobile payments fintech
Block Inc. (NYSE: SQ) is an American multinational technology conglomerate that is primarily engaged in financial services. The company offers software, hardware, and digital money solutions to merchants. In addition, the company also operates Cash App, a mobile payment platform that allows users to make and receive payments through QR codes.
While the company has been growing at a high rate, it is facing headwinds. One of these headwinds is the slowing economy. Other factors include rising interest rates and inflation. Those factors increase input costs and may slow consumer spending. As a result, the company’s gross profit growth may slow.
At the same time, the company has an expanding user base, which leads to higher payments volume and greater gross profit over the long term. In fact, the company’s net income increased 62% year over year in 2021.
Block Inc. (SQ) is now officially a bank
If you’re familiar with Square (SQ), you’ll know that the company is a financial services company. It operates a bank, a credit card reader, and a software platform that helps businesses and individuals with their payments. The company also offers financial software and stock trading.
While the company has expanded from a simple card reader to a global technology powerhouse, it remains a relatively stable business. However, its recent growth has been less than stellar.
During its most recent fiscal year, Block’s total revenue was $4.7 billion. In the first quarter of last year, the company added about $3.5 billion from bitcoin trading. This represented more than half of the total top line of the period.