Square’s continued profitability could help it expand its merchant and consumer businesses

This story was delivered to Business Insider Intelligence Payments & Commerce subscribers earlier this morning. To get this story plus others to your inbox each day, hours before they're published on Business Insider, click here. The firm's gross payment volume (GPV) reached $28.2 billion in Q3 2019, growing 25% year-over-year (YoY), marking a slight deceleration from the 29% annual growth it posted in the metric in Q3 2018, per its earnings release. Square's total revenue performance for the quarter saw similar results: It racked up nearly $1.27 billion, increasing 47% YoY, but decelerated from 51% YoY growth in the comparable period a year ago, despite its significant total. Square's merchant business was likely a key driver of the firm's second-ever profitable quarter. The company turned in $29 million in net income this past quarter, up from $20 million in Q3 2018, which was Square's first profitable quarter. This performance may have been propelled by its merchant segment, as its subscriptions and services business brought in nearly $280 million in revenue and had expenses of just $63 million, for around a $216 million difference. That's notably better than what it turned in during Q3 2018, when its revenue totaled $166 million and its costs were $47 million, which was a $119 million difference.See the rest of the story at Business InsiderSee Also:Bank of America and IBM are working together on a cloud service with banks in mindPayPal plans to make an in-store mobile payments push as soon as next yearRobinhood is in hot water after a glitch with its app allowed users to trade stocks with excess borrowed funds