Read on Twitter
$SQ numbers look ... good.
$SQ's Cash App ecosystem showed gross profit growth of +212% YOY.
Users turning to Cash App for daily use, utilizing more than 1 of its functions.
2.5M customers have already used Cash App to buy stocks, making it the fastest growing capability in Cash App's history.
Users turning to Cash App for daily use, utilizing more than 1 of its functions.
2.5M customers have already used Cash App to buy stocks, making it the fastest growing capability in Cash App's history.
In markets outside US, Seller gross payment volume (GPV) grew +46% YOY in Q3, representing 11% of total Seller GPV.
In markets outside US, GPV from online channels grew more +60% YOY in Q3, driven primarily by strong adoption of eCommerce API, Invoices, and Square Online.
In markets outside US, GPV from online channels grew more +60% YOY in Q3, driven primarily by strong adoption of eCommerce API, Invoices, and Square Online.
International growth is becoming a thing:
"As we expanded more of our ecosystem globally, Seller GPV in markets outside the U.S. grew to 11% of total Seller GPV in the third quarter, up from 6% two years ago."
High NPs scores too, except Japan, which mgmt believes is fixed.
"As we expanded more of our ecosystem globally, Seller GPV in markets outside the U.S. grew to 11% of total Seller GPV in the third quarter, up from 6% two years ago."
High NPs scores too, except Japan, which mgmt believes is fixed.
Square Card, its business debit card, is growing like gangbusters too. Gives way for businesses to immediately access their funds and gives $SQ another way to monetize its seller ecosystem. Win-win. More than $250M spent in Q3 on Square Card.
$SQ Payroll innovations:
Instant Payments - allows merchants to pay employees using funds from acct balance instantly (Cash App) or next business day (direct deposit)
On-Demand Pay - gives access to pay sooner by xferring $200 of earned wages/pay period into Cash App accts
Instant Payments - allows merchants to pay employees using funds from acct balance instantly (Cash App) or next business day (direct deposit)
On-Demand Pay - gives access to pay sooner by xferring $200 of earned wages/pay period into Cash App accts
Larger mix of business coming from "large" sellers, though note that those sizes are still fairly small.
Three things on Cash App:
1) $SQ's Cash App isn't a bitcoin story.
2) Ecosystem. SQ is building two ecosystems, one for sellers, one for consumers, and increasingly finding ways to integrate the two worlds.
3) Some of this growth was fueled by stimulus disbursements.
1) $SQ's Cash App isn't a bitcoin story.
2) Ecosystem. SQ is building two ecosystems, one for sellers, one for consumers, and increasingly finding ways to integrate the two worlds.
3) Some of this growth was fueled by stimulus disbursements.
These are just some first thoughts as I read through this quarter's shareholder letter. Will be interesting to get more color from the earnings call later.
Long $SQ
Long $SQ
