Square Stock Pops After Earnings Beat
May 3, 2024 By MarketDepth
Square (SQ:NASD) reported positive first-quarter earnings and positive revenue guidance. EPS came in at $.74 which was above expectations of $.72 and up 85% from a year earlier. Revenue came in strong at $5.96 billion which was up from expectations of $5.83 billion.
“Dorsey’s Q1 letter detailed a renewed focus on Bitcoin, both from a new product perspective and in terms of balance sheet investment. To be sure, this is a long-term focus and minor in the grander scheme of its current financial picture, but still holds long-term promise. It is demonstrative of Square’s differentiated product potential in the market. Square intends to develop and market a new Bitcoin mining chip and other mining hardware while 10% of Bitcoin gross profit, or $20 million per year will be allocated to Bitcoin purchases.”
TD Cowen analyst Bryan Bergin
Square stock is up 1% intraday on the positive news and only down about 1% on the year. Investors are also very excited about Bitcoin transactions being up and the company’s focus on bitcoin related projects.
