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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
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