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Square cites slowdown in bitcoin demand for underwhelming third quarter
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Gross profit comes in just shy of expectations, along with adjusted earnings and sales Square reported lower-than-expected revenue for the third quarter as less volatile pricing for bitcoin impacted demand, though the company's chief financial officer noted "strength" in volume during October.
The company posted a break-even third quarter, after earning $37m, or 7 cents a share, in the year-earlier quarter. On an adjusted basis, Square earned 37 cents a share, up from 34 cents a share a year
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