No matter. Square's results were much better than forecast, and shares of the Jack Dorsey-led company not named Twitter (TWTR) soared 11% to a new all-time high. Square shares are now up nearly 145% in 2020.
Bitcoin was a big reason for Square's success. The company said that bitcoin trading revenues from its Cash App surged 600% from a year ago to $875 million. There has been a resurgence in demand for cryptocurrencies during the coronavirus outbreak. Bitcoin prices are up nearly 60% this year and are hovering just under $12,000. Bitcoin sales accounted for nearly half of Square's total sales of $1.92 billion.
Square's core digital payment business is thriving as well. Along with its rival PayPal (PYPL), Square is benefiting from more consumers ditching paper money in favor of electronic transactions. The company said in the earnings release that more sellers were resuming operations following lockdowns earlier this year and that many merchants have increased their contactless commerce options.