AFTPY - Square stock slips as Cash App bitcoin revenue disappoint in Q3

Square (SQ -2.9%) stock continues to stay weak after Q3 revenue missed consensus estimates, with disappointing results from its Cash App and bitcoin (BTC-USD)-related business. Cash App, which has been the main driver of of Square's (NYSE:SQ) stock appreciation, turned in weaker than expected gross profit — $512M vs. consensus of $536M, according to BTIG analyst Mark Palmer. Also, the fintech's revenue from facilitating the buying and selling of bitcoin came in lower than expected — $1.8B vs. $2.6B consensus, he noted. "While SQ’s 3Q21 miss and the slowing growth that Cash App displayed during the quarter were disconcerting, we continue to believe the company is one of the small number of firms well positioned to create a FinTech 'super app' offering a wide array of financial services," Palmer wrote in a note to clients. Evercore ISI analyst David Togut calls the results "tough to compare" given its accelerated spending

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Square stock slips as Cash App, bitcoin revenue disappoint in Q3