2 Reasons Square's Results Are Better Than You Think

Square's (NYSE: SQ) fourth quarter 2020 earnings report was met with some disappointment on Tuesday after the company revealed that its retail payments platform is growing relatively slowly, and most of its growth is driven by the volatile cryptocurrency Bitcoin. There are a number of confusing trends in Square's earnings report, but one I want to highlight is how important in-store sales have traditionally been to the company. In the fourth quarter, the company grew revenue 141% year over year to $3.16 billion, but the seller ecosystem that's at the core of the business saw revenue grow just 5% to $987 million.