The San Francisco-based company said net revenue for the period ending June 30 was $ 1.92 billion, up from $ 1.17 billion a year earlier. It lost 3 cents per share in the quarter.
Squarereleased the results a day ahead of schedule after Bloomberg News reported the revenue rise earlier on Tuesday. The share jumped about 11% in extended trade.
The pandemic and the accompanying economic downturn have hurt small businesses that depend on Square’s payment tools. However, millions of people have started using the company’s Cash app to send and receive money, and some businesses have gone online to survive.
Gross payment volume, a metric that tracks the amount of Square processes in total transactions, improved each month during the quarter, “primarily due to the resumption of operations by sellers as restrictions related to COVID-19 have eased, ”the company wrote in a statement. While the total GPV fell by 15%, the amount generated from online transactions increased by more than 50% compared to the same quarter a year ago.
The Cash app saw a surge in new users in April as people signed up Until receive government assistance. In June, the service had more than 30 million “active customers with monthly transactions”, up from 24 million in December, Square said.
This part of the business generated $ 1.2 billion in revenue in the second quarter, up 361% from the previous year, the company reported.
(Updates with more details from the results of the fourth paragraph.)