Why Square Stock Dropped After Q3 Earnings
Square (NYSE: SQ) makes the economy more accessible. Its portfolio of hardware, software, and services simplifies commerce for sellers, syncing sales across digital and physical stores. And its mobile app, Cash App, simplifies finance for users, making it possible to deposit, spend, and invest money from a single platform.
Notably, CEO Jack Dorsey has long been bullish on Bitcoin, and in 2018, the company made it possible to trade Bitcoin through the Cash App. That decision helped boost user engagement, accelerating the financial performance of the Cash App ecosystem. However, it also tied the company's financial performance (to some extent) to the price of Bitcoin.
In this Backstage Pass video, which was recorded on Nov. 5, 2021, Motley Fool contributors Taylor Carmichael and Brian Withers discuss Square's third-quarter earnings, focusing on the impact of Bitcoin and the company's Cash App growth initiatives.
Source Fool.com
