Square profit tops estimates on growth in subscription and services business

- Payments processor Square Inc beat analysts’ estimates for quarterly profit on Wednesday, as it earned more from its subscription and services business, especially from its Bitcoin-friendly Cash App.

The San Francisco-based company, best known for its signature small white credit card readers that are plugged into smartphones, has been aggressively expanding into a wider range of financial services, ranging from lending to accounting software. Square’s Cash App, which directly competes with PayPal Holdings Inc’s Venmo app, allows users to send money to each other for free. The app charges fees to businesses when users choose to instantly deposit money from the app into their bank accounts, rather than wait several days.

Square has been attracting larger merchants through its newer products such as its lending services unit, Square Capital, and CashApp.

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