By Allison Prang
Square Inc. reported a hefty pop in revenue in the first quarter because of bitcoin.
The payments company's revenue was $5.06 billion, up from $1.38 billion a year ago. That was higher than Wall Street's consensus of $3.34 billion according to FactSet. The increase was fueled by a more than $3 billion increase in bitcoin revenue.
Square's earnings were $39 million, or 8 cents a share. A year earlier, the company's loss was $105.9 million, or 24 cents a share. Adjusted earnings were 41 cents a share, while analysts were expecting 17 cents a share for the adjusted earnings.
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