Square, Inc. SQ reported second-quarter 2020 adjusted earnings of 18 cents per share, against the Zacks Consensus Estimate of a loss of 8 cents per share. Notably, the company had reported earnings of 21 cents in the year-ago quarter and aloss of 2 cents in the prior quarter.
Net revenues of $1.92 billion surpassed the Zacks Consensus Estimate of $1.14 billion.Further, the figure improved 63.8% from the year-ago quarter and 39.3% sequentially.
The top line was driven by strong momentum across Cash App ecosystem that contributed $1.2 billion to net revenues during the reported quarter, up 361% year over year. Cash App was used by above 30 million monthly transacting active customers in June 2020. Further, disbursements of the CARES Act stimulus programs and unemployment benefits aided growth in the Cash App engagement.
Moreover, strengthening momentum across Bitcoin and strong adoption of Cash Card benefited the results. Notably, Cash Card