Square shed as much as 3.1% on Monday ahead of reporting results on Tuesday postmarket, when investors will be watching for progress on the firm’s Bitcoin and retail trading initiatives.
Revenue from Bitcoin sales — which includes the total value of Bitcoin traded on its Cash App — climbed more than elevenfold to $3.51 billion, up from $306 million a year earlier, the company said Thursday in a shareholder letter.
Surging purchases of Bitcoin have been a major boon for the company over the past year as more consumers have flocked to the cryptocurrency.
For the March quarter, Square’s gross payment volume, or the total cost of goods and services processed using its transaction products, increased 29% to $33.14 billion.