Followers | 680 |
Posts | 141208 |
Boards Moderated | 36 |
Alias Born | 03/10/2004 |
Tuesday, February 23, 2021 7:36:04 PM
By: TheStreet | February 23, 2021
• Square topped analysts' Q4 earnings and revenue estimates and announced the purchase of roughly 3,318 additional bitcoin.
Shares of Square Inc. (SQ) were falling after hours Tuesday after the digital payments company reported fourth-quarter earnings and revenue ahead of expectations and also announced a new purchase of bitcoin.
The San Francisco company reported fourth-quarter adjusted earnings of 32 cents per share on total net revenue of $3.16 billion, a 141% year-over-year increase. Excluding bitcoin revenue, total quarterly net revenue was $1.4 billion.
Analysts were expecting adjusted earnings of 24 cents per shares on revenue of $3.1 billion, according to FactSet.
The company also announced that it has purchased about 3,318 bitcoins at an aggregate purchase price of $170 million. Combined with its previous purchase of $50 million in bitcoin, the cryptocurrency now represents about 5% of Square's total cash holdings as of the end of 2020.
"The investment is part of Square’s ongoing commitment to bitcoin, and the company plans to assess its aggregate investment in bitcoin relative to its other investments on an ongoing basis," Square said.
The company reported a fourth-quarter gross profit of $804 million, up 52% year-over -year. The company's Cash App service had more than 36 million monthly transacting active customers in the quarter, a 50% year-over-year increase.
The price of bitcoin tumbled Tuesday after Tesla (TSLA) CEO Elon Musk implied in a tweet over the weekend that the price of bitcoin, which Tesla now holds on its balance sheet, was extended.
Last week, Tesla disclosed in a regulatory filing that it had made a $1.5 billion investment in bitcoin earlier this month.
Bitcoin was trading at $48,096 at last check Tuesday afternoon, down 11%.
Shares of Square were falling 5.6% to $242.75 after hours on Tuesday, after dropping 4.3% during the day.
Read Full Story »»»
DiscoverGold
Information posted to this board is not meant to suggest any specific action, but to point out the technical signs that can help our readers make their own specific decisions. Caveat emptor!
• DiscoverGold
Recent SQ News
- Weekly Surge for Render and Toncoin, US Bancorp Expands Bitcoin ETF Investments, and More in Crypto • IH Market News • 05/10/2024 07:32:06 PM
- Block, Inc. Announces Upsize and Pricing of $2.0 Billion Offering of Senior Notes • Business Wire • 05/06/2024 11:46:00 PM
- Bitcoin Hits 1 Billion Transactions, Vodafone Turns Smartphones into Digital Wallets, and More Crypto News • IH Market News • 05/06/2024 06:13:29 PM
- Perficient Stock Soars 52.9% Post-Acquisition; Luminar Declines 10% Amid Workforce Cutbacks, and Other News • IH Market News • 05/06/2024 12:09:00 PM
- Block, Inc. Announces $1.5 Billion Offering of Senior Notes • Business Wire • 05/06/2024 11:55:00 AM
- Bitcoin Surges Post Jobs Report, Coinbase Reveals $1.2 Billion 1Q Net Profit, and More Crypto News • IH Market News • 05/03/2024 07:26:30 PM
- Amgen, Bock Up; Cloudflare, Expedia Weak • IH Market News • 05/03/2024 01:12:08 PM
- Block Announces First Quarter 2024 Results • Business Wire • 05/02/2024 08:10:00 PM
- Block Innovates Bitcoin Mining, DOJ Proposes 3-Year Prison for Changpeng Zhao, and More Crypto News • IH Market News • 04/24/2024 05:50:55 PM
- Apple Terminates 614 Employees, Disney Unveils June Crackdown on Password Sharing, and More Updates • IH Market News • 04/05/2024 11:38:57 AM
- Block to Announce First Quarter 2024 Results • Business Wire • 04/04/2024 09:23:00 PM
- Exxon Mobil Forecasts Earnings Decline, Twilio Seeks Board Tenure Changes, and More News • IH Market News • 04/04/2024 11:30:20 AM
- Bitkey commence à expédier les premières unités de son dispositif matériel et ajoute des fonctions de sécurité et de récupération • Business Wire • 03/13/2024 10:10:00 PM
- Afterpay Expands to More In-Demand Categories with New Spring Merchants • Business Wire • 03/13/2024 01:00:00 PM
- Bitkey Starts Shipping First Units of Its Hardware Device, Adds Security and Recovery Features • Business Wire • 03/13/2024 12:27:00 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 03/06/2024 11:04:30 PM
- Form 144 - Report of proposed sale of securities • Edgar (US Regulatory) • 03/04/2024 10:31:45 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 02/23/2024 10:11:42 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 02/23/2024 10:08:05 PM
- Uniswap Skyrockets 55% with Incentive Proposal, Avalanche Confronts 4-Hour Shutdown, and More • IH Market News • 02/23/2024 06:26:18 PM
- Goldman Sachs Reconsiders Fed Cuts, LUNR Surges Over 40% in Pre-Market, and More • IH Market News • 02/23/2024 01:03:59 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 02/23/2024 12:06:53 AM
- Form S-8 - Securities to be offered to employees in employee benefit plans • Edgar (US Regulatory) • 02/22/2024 09:51:43 PM
- Form 144 - Report of proposed sale of securities • Edgar (US Regulatory) • 02/22/2024 09:42:06 PM
- Form 8-K - Current report • Edgar (US Regulatory) • 02/22/2024 09:11:06 PM
Avant Technologies Equipping AI-Managed Data Center with High Performance Computing Systems • AVAI • May 10, 2024 8:00 AM
VAYK Discloses Strategic Conversation on Potential Acquisition of $4 Million Home Service Business • VAYK • May 9, 2024 9:00 AM
Bantec's Howco Awarded $4.19 Million Dollar U.S. Department of Defense Contract • BANT • May 8, 2024 10:00 AM
Element79 Gold Corp Successfully Closes Maverick Springs Option Agreement • ELEM • May 8, 2024 9:05 AM
Kona Gold Beverages, Inc. Achieves April Revenues Exceeding $586,000 • KGKG • May 8, 2024 8:30 AM
Epazz plans to spin off Galaxy Batteries Inc. • EPAZ • May 8, 2024 7:05 AM