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Sq. sails previous revenue estimates as bitcoin volumes surge By Reuters 

© Reuters. FILE PHOTO: Jack Dorsey, CEO of Sq. and CEO of Twitter, speaks throughout an interview November 19, 2015. REUTERS/Lucas Jackson

By Noor Zainab Hussain

(Reuters) -Funds agency Sq. Inc (NYSE:) handily beat Wall Avenue expectations for quarterly revenue on Thursday, as surging demand for bitcoin fueled a bounce in cryptocurrency transactions on its peer-to-peer fee service Money App.

Stripping out one-time prices, the funds agency, led by Twitter Inc (NYSE:) high boss Jack Dorsey, earned 41 cents per share. Analysts on common had anticipated 16 cents per share, in response to Refinitiv IBES knowledge.

Money App generated $3.51 billion in bitcoin income, up eleven instances from a yr earlier, in 1 / 4 when the preferred cryptocurrency hit $1 trillion in market capitalization for the primary time.

Dorsey instructed analysts on a post-earnings name that the corporate views bitcoin as “the web’s potential to have a local foreign money.”

“That is going to be a long-term focus, enabling bitcoin to be a local foreign money. It removes a bunch of friction for our enterprise, and we imagine absolutely that it creates extra alternatives for financial empowerment world wide,” he mentioned.

has surged in worth this yr because the backing of top-tier firms together with Tesla (NASDAQ:) Inc energy its march to the mainstream.

San Francisco-based Sq. mentioned in February it had invested $170 million in bitcoin, elevating its wager from the $50 million it had invested within the fourth quarter of 2020.

The corporate’s high line was additionally strengthened by the shift to digital transactions, spurred by the COVID-19 pandemic that compelled individuals to remain at dwelling and store on-line.

Gross fee volumes, a measure of the transactions processed on Sq.’s platform, rose 29% within the first quarter to $33.1 billion.

Complete internet income jumped practically four-fold to $5.06 billion.

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