SQ Block Inc

By Robert Barba

Square Inc. reported weaker-than-expected revenue as the payments firm brought in far lower revenue from cryptocurrency bitcoin than what analysts were expecting.

The company reported revenue of $3.84 billion, up from $3.03 billion a year earlier. Revenue from bitcoin, which measures the total sale amount of the cryptocurrency to customers, totaled $1.82 billion, up from $1.63 billion. Transaction-based revenue was $1.3 billion, up from $925 million a year earlier.

Analysts polled by FactSet were expecting revenue of $4.39 billion, including bitcoin revenue of $2.56 billion and transaction-based revenue of $1.29 billion.

Net income attributable to common shareholders was $84,000, compared with a loss of $36.5 million a year earlier. The company broke even on a per share basis, but had earnings per share of 37 cents on an adjusted basis. Analysts were expecting adjusted earnings of 38 cents a share.

Write to Robert Barba at robert.barba@wsj.com

(END) Dow Jones Newswires

November 04, 2021 16:43 ET (20:43 GMT)

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