As much as people like to shit on the cash app, I love it. Dorsey is a true believer in a highly influential role and 8 million profit on 516 million revenue isn't exactly extortionate. Grocery stores get a better margin than that.
not really impressive: if you look up how they make money it’s really just a positional app moreso than actually a profit driver.
they make profit on transaction fees from users for crypto
(obviously buy/sell holdings), stock fees, and fees for expediting bank transfers.
p2p is free
they also make fees from businesses accepting cash app payments buuuuuut that’s so irrelevantly niche, I assume, since that business could just accept square? i’ve never seen one explicitly accept “cash app.”
tldr: it’s 1/2 of the app’s profit but who knows how much that actually is versus “bitcoin profit” of just having weak hands sell off to cash