Square is names Yahoo Finance’s Company of the Year
A week ago, Yahoo Finance quietly published its choice for the Company of the Year. In the running were large corporations such as Tesla, Amazon and Apple, but the accolades would ultimately go to a company that has used 2018 to focus on expanding cryptocurrency payment options. Square is Yahoo’s Company of the Year.
Square began several years ago as literally a little square that plugged into an iPhone or iPad, allowing virtually anyone to become a portable point-of-sale device. Since then, it has morphed into one of the largest payment companies in the world. In November of last year, it announced that it would begin supporting Bitcoin (BTC) and that it would launch a BTC trading option, which proved to be a huge success for the company. So huge that the company’s stock jumped $1 billion in just five days.
Since then, Square has gone on to introduce additional products as part of its focus of “democratizing access to financial tools that have historically been really complicated, intimidating, and stressful.” Its model is working and the company generated around $43 million in revenue from BTC in the third quarter of the year. This comes in spite of the market downturn and follows the $37 million it earned in the second quarter.
According to Yahoo’s announcement on selecting Square, “Square, with $26 billion in market cap and 2,300 employees, might look like a surprising choice compared to our picks in the past few years, all much larger companies: Facebook in 2015, nVidia in 2016, and Amazon last year. But Square is rapidly making itself a force to be reckoned with in financial services. In November, the company forecast 60% growth for 2018 and more than $3.2 billion in revenue.”