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| October 22, 2018

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IBM Shares Slide as Revenue Drop Renews Concerns

October 17, 2018 |

Shares of International Business Machines fell Wednesday after the company’s drop in revenue renewed concerns about the tech giant’s growth prospects.
WSJ.com: US Business

$37 Million of Bitcoin Revenue Helps Square Accelerate Growth in Q2

August 2, 2018 |

$  37 Million of Bitcoin Revenue Helps Square Accelerate Growth in Q2

Square has reported its Q2 2018 financial results, revealing that $ 37 million of Bitcoin-related revenue helped the company accelerate its growth during the period. While the company still made very little profit from cryptocurrency trading in Q2, management is content with not trying to push the monetization of the feature just yet.

Also Read: Coinmarketcap Launches Professional API and Derivatives Markets

$ 37 Million of Bitcoin Revenue

$  37 Million of Bitcoin Revenue Helps Square Accelerate Growth in Q2Square Inc (NYSE:SQ), the developer of the mobile payment app Square Cash, has posted its financial results for the second quarter of 2018 on Wednesday, August 1st, showing very strong performance. Total net revenue was $ 815 million, up 48% year over year, and Adjusted Revenue was $ 385 million, up 60% year over year.

The figures show a pattern of accelerated growth when compared to the same results in the first quarter of 2018 with 45% and 51%, respectively. Despite delivering better results than analysts expected, the company’s stock price fell slightly in after-hours trading on Wednesday. Bitcoin revenue contributed $ 37 million to total net revenue in the second quarter, and related costs were $ 36.6 million resulting in a minor add to adjusted revenue of just $ 400,000. Still, this means that Square effectively doubled the profit its Bitcoin business brought in during the period, compared with just a meager $ 200,000 in Q1.

Still Learning About Crypto

$  37 Million of Bitcoin Revenue Helps Square Accelerate Growth in Q2Speaking with reporters prior to the company’s earnings call, Chief Financial Officer Sarah Friar said that: “We’re not trying to push on the monetization of bitcoin today. The costs are effectively [the] costs for us to go into the market and buy bitcoin.”

The above seems to indicate that Square is still in the learning phase of its Bitcoin strategy which CEO Jack Dorsey outlined last quarter. He said at the time: “The reason we started this initially is because we did see cash customers wanting to buy crypto, utilizing their cash accounts. So, we made that a little bit easier. But we want to learn what this meant for us as a company and also for our industry and really pushed ourselves a lot to make sure that we were best in class in terms of providing a simple easy of exchange and then we can build off of that.”

Should Square shareholders try to push the company’s management to focus on making a more meaningful profit  from bitcoin? Share your thoughts in the comments section below.


Images courtesy of Square.


Verify and track bitcoin cash transactions on our BCH Block Explorer, the best of its kind anywhere in the world. Also, keep up with your holdings, BCH and other coins, on our market charts at Satoshi Pulse, another original and free service from Bitcoin.com.

The post $ 37 Million of Bitcoin Revenue Helps Square Accelerate Growth in Q2 appeared first on Bitcoin News.

Bitcoin News

Apple’s Revenue, Earnings Top Views on Strong App Sales

July 31, 2018 |

Apple delivered its best-ever revenue for the June quarter, typically its weakest period, as demand for high-price iPhones remained resilient and services such as app-store sales swelled to a record.
WSJ.com: US Business

Southwest Airlines lost $100 million in revenue due to April accident, but still reported solid earnings

July 28, 2018 |

The first onboard passenger fatality in Southwest Airlines’ history cost the Dallas-based airline about $ 100 million in revenue, but did not prevent the carrier from reporting strong earnings for the April-through-June quarter.

Executives of the low-cost carrier reported that the April 17 accident…


L.A. Times – Business

Facebook revenue and user growth fall short of estimates as scandals hit

July 26, 2018 |

Facebook Inc. saw the first signs of user disenchantment in the midst of public scandals over privacy and content, with second-quarter revenue and average daily visitors missing analysts’ projections.

Facebook’s stock price sank as much as 25% in extended trading.

The social media giant said it…


L.A. Times – Business

Facebook Shares Tumble as Revenue Falls Short, Sales Outlook Darkens

July 26, 2018 |

Facebook reported slower-than-expected revenue growth in the second quarter, indicating the social-media site felt some effects from recent controversies.
WSJ.com: US Business

Mattel is cutting more than 2,200 jobs as revenue falls for fourth straight quarter

July 25, 2018 |

Mattel Inc. announced Wednesday that it is slashing more than 2,200 jobs, which the toy maker said represented 22% of its global non-manufacturing workforce.

The El Segundo company disclosed the move in reporting its second-quarter earnings, which didn’t meet analysts’ expectations as revenue fell…


L.A. Times – Business

Microsoft’s Revenue Gets Lift From Cloud

July 20, 2018 |

The software giant said it topped $ 100 billion in annual revenue for the first time. Revenue from server products and cloud services rose 26% in the fiscal fourth quarter.
WSJ.com: US Business

Facebook Fined 7 Minutes’ Revenue for Data-Mining Scandal

July 11, 2018 |

Facebook is facing its first financial penalty for allowing the data-mining firm Cambridge Analytica to forage through the personal data of millions of unknowing Facebook users. A UK government office that investigated the Cambridge Analytica scandal has announced its intention to fine Facebook $ 663,000 for contravening the law by…
Newser