Square’s profits exceeded Twitter’s profits, bringing good dividends to the founder of both organizations, Jack Dorsey. These and other financial results were reported by blogger Kevin Rook and Austin Alred, general director of the Lambda School educational project.
In his tweet, along with Square figures, Kevin Rook analyzed the profit from sales of innovative Apple Airpods, which show one of the highest growth rates since launch in 2016. The gadget, which provided an income of about $ 12 million, helped to take fourth place in the profitability rating of “high-tech companies.”
The leader was Elon Musk Tesla, followed by Netflix and Uber. Square is also in the top ten, ranking eighth in the ranking and ahead of Twitter, Snapchat and Spotify. Square profit almost reached $ 5 million.
Square seeks to transform the payment system on mobile devices, making it simple and affordable for everyone. The company seeks to popularize cryptocurrencies, a separate unit of Square Crypto is responsible for this.
Developed by the structural unit, the Cash App application allows users to buy bitcoins, as well as instantly send money. It was not in vain that the company relied on BTC sales: in the first quarter of 2019, they increased from $ 30 million to $ 125 million in the second quarter of 2019, largely due to the increased price of bitcoin.
Jack Dorsey never hid the fact that he is a bitcoin fan and with the help of Square Crypto seeks to contribute to the distribution of cryptocurrencies, which, according to him, is already “inevitable”. To this end, he made an investment last June in a startup promoting Bitcoin and open source projects.
Earlier it was reported that the proceeds from the sale of bitcoin by Square by the Cash App for the third quarter of last year amounted to $ 148 million.
It is worth noting that the Square payment platform, founded by Twitter CEO Jack Dorsey, sold $ 166 million in Bitcoin last year. In addition, Square allocated a grant of $ 100,000 to BTCPay – Server Foundation.