3 Factors Driving Square's Cash App Profits
Cash App generated more gross profit for Square (NYSE: SQ) than its Seller business in the first quarter. That's not to say Square's Seller segment is struggling to grow. The fintech company's original business increased gross profit 32% year over year last quarter, accelerating meaningfully as the economy reopens. But Cash App gross profits came in at $495 million, growing 171% year over year.
Square's management highlighted three factors leading to Cash App's profits.
Square's Cash Card. Image source: Square.
Source Fool.com
