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According to Square’s third quarter 2018 revenue report, the mobile payment firm generated $431 million in adjusted net revenue – beating FactSet analyst projections of $414 million.
The growth represents a 68% year-over-year increase of adjusted revenue. Total net revenue reached $882 million in Q3 2018, representing 51% year-over-year growth.
Of the $882 million in net revenue, Bitcoin-related transactions generated $43 million in revenue for Square in the third quarter of the year, up $6 million from the $37 million generated in Q2. Bitcoin-related profits were also up, reaching over $500,000 for Q3.
In Square’s Q3 earnings report, the company highlights why it doesn’t include Bitcoin in its adjusted revenue figures, suggesting the company’s goal is simply to expose customers to Bitcoin for the time being.
