Square's Cash App Is a $500 Million Business
Square (NYSE: SQ) released several new details about its peer-to-peer payments app along with its second-quarter earnings results. The biggest news is the business generated $135 million in net revenue in the second quarter, putting it at a run rate of $540 million.
That's significantly larger than its next-closest competitor, PayPal's (NASDAQ: PYPL) Venmo, which disclosed a $300 million run rate during its first-quarter earnings call. (PayPal management declined to offer an update on that metric during its second-quarter call.)
Cash App now accounts for more than half of Square's subscription and services net revenue, and it still has a lot of growth opportunities ahead of it.
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