Fast Money Blog - 8/6/21

On Sunday, August 1st, Square Inc. (SQ) reported strong second-quarter 2021 earnings.

In Q2 2021 Square announced top-line revenue of $4.6 billion, a 143% increase year-over-year. The company also said it had processed $42.8B in Q2 gross payment volume, up 88% year-over-year.

Revenue from transactions was $1.23 billion rising 80% year-over-year, while subscription and services-based revenue nearly doubled. The biggest driver of Square’s overall growth was their Cash App, which brought in $3.3 billion of revenue, a growth of 177% year-over-year. Cash App is a mobile payment service developed by Square, Inc. that allows users to transfer money to one another using a mobile phone app
Clearly this company has tapped into the digital payment processing world and has established itself as a leader.

Stay Open! Stay Positive!

Tyrone Jackson

The Wealthy Investor