Led by Twitter CEO Jack Dorsey, payments platform Square reached $167 million in annual Bitcoin (BTC) revenue for year ending 2018, according to statistics from its official quarterly report to shareholders (Feb 27).
Square’s Bitcoin sales clocked over $52 million in Q4 last year, beating Q3 and Q2 by $9 million and $15 million respectively. Its Q4 earnings is also the highest Bitcoin revenue that Square has achieved to date since it began supporting the crypto, noted Bitcoinist.
CNBC said Square’s Q4 earnings had beat analysts’ expectations. However, guidance for its Q1 2019 performance was weaker than anticipated, leading partly to its shares falling as much as 7% in immediate after-hours trading. The other reason for the drag on share price was the company’s slower growth.
Profit from Bitcoin operations may also still be slightly down, but Dorsey remains upbeat:
“For the year ahead we continue to focus on three things and we will continue to strengthen our omni-channel offering,” Dorsey said.
“That means that we add strength to in-person payments, to mobile payments and also to online. We’re really excited about everything we’re doing in financial services.”
Earlier this month, Dorsey told a Stephan Livera podcast that the Lightning Network and its transactions protocol could soon make their way onto Square Cash. In addition, in terms of bolstering Bitcoin, he envisions “making it simple enough that I could justify buying a cup of coffee in the morning.”
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