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<a href="https://www.businessinsider.com/category/the-cfo-project-future-of-finance"></a><div type="image" title="Amrita Ahuja, Block's chief financial officer" height="1801" width="2402" msid="88286432" hostid="261"></div><ul class="summary-list"><li><keyword id="11893999" type="UNKNOWN" weightage="60" keywordseo="square" source="Orion">Square</keyword> Inc., now called Block, is expanding its narrative to include businesses of all sizes. </li><li>Its CFO, <keyword id="12738064" type="UNKNOWN" weightage="60" keywordseo="amrita-ahuja" source="Orion">Amrita Ahuja</keyword>, told Insider about how cryptocurrency is influencing its financial growth.</li></ul><a href="https://squareup.com/us/en">Square Inc</a>., which recently <a href="https://www.businessinsider.com/square-inc-changes-name-to-block-jack-dorsey-twitter-2021-12">changed</a> its name to Block, equips people with tools to help run and grow their businesses including commerce solutions, business software, and banking capabilities. <a href="https://www.businessinsider.com/square-inc-changes-name-to-block-jack-dorsey-twitter-2021-12">Block</a> is a global technology company focused on financial services that includes the digital payments company called Square. The firm, led by Jack Dorsey, who recently <a href="https://www.businessinsider.com/twitter-ceo-jack-dorsey-stepping-down-position-cnbc-reports-2021-11">stepped down</a> as Twitter's CEO, <a href="https://s29.q4cdn.com/628966176/files/doc_financials/2021/q3/SQ-3Q-2021-Shareholder-Letter.pdf">reported</a> a gross profit of $1.13 billion in the third quarter, while its <a href="https://cash.app/">Cash App</a> offering generated $512 million. Though revenue growth slowed from past quarters, the company nearly <a href="https://s29.q4cdn.com/628966176/files/doc_financials/2021/q3/SQ-3Q-2021-Shareholder-Letter.pdf">doubled</a> its payments in Q3 — $15.5 billion — for businesses with more than $500,000 in annual sales. Previously, small businesses with annual payment sales of less than $125,000 outperformed these larger sellers. This is positive news for Block Chief Financial Officer Amrita Ahuja. Square has been appealing for smaller businesses, but Ahuja told Insider she'd worked to expand its narrative: It wants to support small and large businesses alike with not only payments but software and integrated solutions, hardware, and financial services. Ahuja said that explaining its rapidly growing Cash App to people was also key to its messaging. Previously, Ahuja was the chief financial officer of Blizzard Entertainment, where she focused on the intersection of digital media and video-game publishing. Ahuja <a href="https://www.wsj.com/articles/inner-circle-of-square-cfo-amrita-ahuja-dorsey-meeker-sakhnini-harden-11627075079">told The Wall Street Journal this year</a> that she became excited about Square because of its impact on small-business owners like her parents, who had immigrated from India and owned a day-care center in a Cleveland suburb. Block's earnings <a href="https://s29.q4cdn.com/628966176/files/doc_financials/2021/q3/SQ-3Q-2021-Shareholder-Letter.pdf">report</a> said it ended the third quarter "with $7.4 billion in available liquidity, with $6.9 billion in cash, cash equivalents, restricted cash, and investments in marketable debt securities, as well as $500 million available to be withdrawn from our revolving credit facility."Ahuja said this financial statement put Block in a position for long-term success. "We believe we have a strong balance sheet that affords us the flexibility to invest for the long-term both organically and opportunistically inorganically, and we expect our balance sheet to grow over time," she said. Ahuja said Block's investments tended to be long-term ones. While it's willing to adapt, the company has a strong belief that investing over long periods will show the strongest returns, she said."As we measure effectiveness of those investments, we think about compelling unit economics and about efficiency in returns on those investments across product development, sales and marketing, and customer operations," she said. Ahuja said she believes artificial intelligence/machine learning and cryptocurrency and blockchain technology will disrupt commerce and other fields in the future. Ahuja said AI and machine learning would help companies like Block launch products in industries that were otherwise restricted because of a lack of technology or inadequate risk models. These new capabilities, she said, could open the funnel and provide more people access to automation tools."AI/ML will enable companies and their employees to be more efficient — the potential to quadruple revenues while only doubling employees," she said. And Ahuja said she believes that while crypto will perhaps initially be used as an asset like gold, it will act more as a currency in the future. "The verifiability, transparency and independence of blockchain technology and cryptocurrency will be disruptive," she said. Ahuja said that she wanted Block to build skills in both of these areas and have a strong understanding of their capabilities. One way Block is staying ahead of the curve is through investments in its <a href="https://www.businessinsider.com/jack-dorsey-square-builds-bitcoin-business-tbd-2021-7">newest</a> business unit, called <a href="https://twitter.com/TBD54566975?ref_src=twsrc%5Egoogle%7Ctwcamp%5Eserp%7Ctwgr%5Eauthor">TBD</a>, which is focused on building a decentralized, open platform to exchange <keyword id="11893902" type="UNKNOWN" weightage="60" keywordseo="bitcoin" source="Orion">bitcoin</keyword>. This is in addition to the <a href="https://www.businessinsider.com/square-building-cryptocurrency-bitcoin-wallet-service-jack-dorsey-2021-7">development</a> of Block hardware wallet, a product that Block says will normalize bitcoin storage. It's also said to be considering developing a bitcoin mining system to help make mining more accessible. According to <a href="https://bitcointreasuries.net/">Bitcoin Treasuries</a>, Block held about 8,000 bitcoins valued at about $376 million as of Tuesday.To further solidify its place in the cryptocurrency industry, Block has committed $10 million through its Bitcoin Clean Energy Investment Initiative to support a <a href="https://www.businessinsider.com/energy-consumption-of-nft-cryptocurrency-mining-and-sustainable-alternatives-2021-7">more sustainable bitcoin ecosystem</a>, Ahuja said. <a href="https://ccaf.io/cbeci/index">The Cambridge Bitcoin Electricity Consumption Index</a> has estimated that the cryptocurrency uses more energy than nations like Sweden, <a href="https://www.businessinsider.com/energy-consumption-of-nft-cryptocurrency-mining-and-sustainable-alternatives-2021-7">Insider reported earlier this year</a>. A Bloomberg <a href="https://www.bloomberg.com/news/features/2021-07-13/bitcoin-miners-building-rigs-must-navigate-world-of-crypto-power-hunting">report</a> in July estimated that bitcoin-mining machines worldwide used the same amount of power as Bangladesh."We hope this initiative accelerates the transition of the entire blockchain to clean power rather than only removing the carbon for the bitcoin that [Block] processes," Ahuja said. Clarification: Square Inc. is now known as Block. We've updated the article to reflect that change.

Block CFO Amrita Ahuja breaks down the company's long-term growth strategy and how it positions itself for success

<a href="https://markets.businessinsider.com/stocks/sq-stock"></a><ul class="summary-list"><li><keyword id="688028" type="CITY" weightage="60" keywordseo="Square">Square</keyword> CFO <keyword id="7188019" type="UNKNOWN" weightage="60" keywordseo="Amrita-Ahuja">Amrita Ahuja</keyword> said the company had "no plans" to buy more <keyword id="6354947" type="UNKNOWN" weightage="60" keywordseo="bitcoin">bitcoin</keyword>.</li><li>The company holds 8,027 bitcoins, worth over $400 million at current prices.</li><li>She said Square's position was that bitcoin "is an area that needs innovation" in clean energy.</li></ul><a href="https://markets.businessinsider.com/stocks/sq-stock">Square's</a> chief financial officer, Amrita Ahuja, told <a href="https://www.fnlondon.com/articles/square-has-no-plans-to-buy-more-bitcoin-20210514">Financial News</a> on Friday that her company didn't have any plans to buy more bitcoin."We don't have any plans at this point to make further purchases," Ahuja said.The CFO added that there were "lots of other opportunities" for Square to "learn with bitcoin" and that the company was "always evaluating" possibilities in the space."I think we'd be customer-led," Ahuja said. "As we see the evolution of the bitcoin product or crypto products in general, I think we'll make further assessments at that point."A representative for Square told Insider that the company hadn't changed its stance on bitcoin and would "continue to assess our investment in bitcoin on an ongoing basis."Square bought 4,709 bitcoins for $50 million in 2020 and then an additional 3,318 bitcoins for $170 million in February. In the second purchase, the company paid more than $51,200 per bitcoin, <a href="https://www.reuters.com/technology/square-puts-skin-game-with-170-million-more-bitcoin-buy-2021-02-23/">according to calculations from Reuters</a>.Square now holds 8,027 bitcoins, worth over $400 million at current prices.The digital-payments firm has long been a proponent of <keyword id="2420795" type="PERSON" weightage="60" keywordseo="cryptocurrencies">cryptocurrencies</keyword> and of bitcoin in particular.Square's <keyword id="9452694" type="UNKNOWN" weightage="60" keywordseo="cash-app">Cash App</keyword> platform was one of the first major exchanges to allow customers to buy the digital asset.Square generated $3.51 billion in revenue and $75 million in gross profit from its bitcoin offerings in the first quarter of 2021, the firm said in a <a href="https://investors.squareup.com/overview/default.aspx">shareholder letter</a>.Read more: <a href="https://www.businessinsider.com/ethereum-could-overtake-bitcoin-reach-25k-flippening-crypto-hedge-fund-2021-5" target="_blank" rel="noopener">The founders of a crypto-asset hedge fund break down how ether could overtake bitcoin in market cap - and why the 2nd-largest cryptocurrency will go over at least $25,000 in the short to medium term</a>The company in April <a href="https://markets.businessinsider.com/currencies/news/bitcoin-mining-jack-dorsey-cathie-wood-square-ark-invest-research-2021-4-1030332261">released a study</a> it produced with Cathie Wood's Ark Invest titled "Bitcoin is key to an abundant, clean energy future."Wood <a href="https://twitter.com/CathieDWood/status/1385082685111087104">said in a tweet</a> describing the companies' findings that evidence in the study disproved the myth that bitcoin-mining processes were damaging to the environment."Instead, as crypto mining, energy storage, and AI technologies converge, the adoption of renewable energy is likely to accelerate!" Wood said.Square's CEO, <keyword id="265395" type="PERSON" weightage="60" keywordseo="Jack-Dorsey">Jack Dorsey</keyword>, has also been consistently behind bitcoin. In a conference call after Square bought $170 million worth of bitcoin earlier this year, Dorsey said, "The internet needs a native currency, and we believe bitcoin is it."Ahuja even <a href="https://fortune.com/2021/03/28/square-cfo-amrita-ahuja-is-betting-big-on-bitcoin/">told Fortune</a> in a late-March interview that "there's absolutely a case for every balance sheet to have bitcoin on it."But the new comments from Ahuja and Square show a different tone toward bitcoin.Ahuja said in her Friday interview with Financial News that Square had "no plans at this point to re-evaluate where we are from a treasury standpoint" with regard to cryptocurrencies.The CFO added that Square's position with respect to bitcoin "has always been that this is an area that needs innovation in terms of renewables and clean energy.""There's a broader supply chain question around how renewables and clean energy become a greater part of the blockchain in general, and a greater part of the overall mining and transaction network," she said, adding, "It's the overall fixed footprint of the network that we need to address."The change in tone came after Tesla <a href="https://markets.businessinsider.com/currencies/news/bitcoin-price-tesla-payment-stops-elon-musk-climate-change-environment-2021-5-1030424949">halted bitcoin purchases</a> of its vehicles, citing the environmental impact of the cryptocurrency.

Square's CFO reportedly says the company has 'no plans' to buy more bitcoin

<ul><li>Square CFO Amrita Ahuja told CNBC Wednesday one million users bought <keyword id="6354947" type="UNKNOWN" weightage="60" keywordseo="bitcoin">bitcoin</keyword> for the first time last month through <keyword id="9452694" type="UNKNOWN" weightage="60" keywordseo="cash-app">Cash App</keyword>.</li><li>The executive's comment come a day after Square announced that it <a href="https://markets.businessinsider.com/currencies/news/bitcoin-square-purchases-additional-170-million-cryptocurrency-cash-app-2021-2-1030118484">increased its bitcoin investment</a> by $170 million. </li><li>Square's 8,027 bitcoins are valued at around $400 million based on Wednesday's price. </li><li><a href="https://newsletter.businessinsider.com/join/4np/10-things-opening-bell">Sign up here for our daily newsletter, 10 Things Before the Opening Bell</a></li></ul>Square CFO Amrita Ahuja said one million users bought bitcoin for the first time last month through Cash App, its mobile payment service that allows users to invest in the cryptocurrency."We had 3 million people transact in bitcoin through Cash App in 2020 and one million who were new to bitcoin in January," Ahuja <a href="https://www.cnbc.com/video/2021/02/24/square-cfo-amrita-ahuja-on-the-companys-bitcoin-bet.html">told CNBC on Wednesday</a>. The CFO's comment comes a day after the payments firm announced that it i<a href="https://markets.businessinsider.com/currencies/news/bitcoin-square-purchases-additional-170-million-cryptocurrency-cash-app-2021-2-1030118484">ncr eased its bitcoin</a> investment, purchasing 3,318 bitcoins at an aggregate purchase price of $170 million. Including its<a href="https://markets.businessinsider.com/currencies/news/jack-dorsey-how-square-invested-in-bitcoin-2020-10-1029665366?utm_source=markets&amp;utm_medium=ingestgest"> October 2020 purchase</a> of 4,709 bitcoins for $50 million, bitcoin now represents 5% of the company's total cash holdings as of December last year. Square's 8,027 bitcoins are valued at around $400 million based on Wednesday's price. <a href="https://markets.businessinsider.com/currencies/btc-usd">Bitcoin</a> is up by 1.47% to $49,538 as of 2:25 PM ET Wednesday."We feel that bitcoin is aligned with our purpose, which is economic empowerment," Ahuja said. "Economic empowerment is about bringing access to financial tools more broadly, including to people who haven't had it before. We think bitcoin is a way that could enable that for the future."Square first began to allow users to trade bitcoin through Cash App in <a href="https://www.businessinsider.com/bitcoin-buying-selling-square-cash-app-2018-1">January 2018,</a> fulfilling its founder Jack Dorsey's goal of providing "greater financial access for all." Dorsey has been a longtime cryptocurrency advocate who believes it will be the <a href="https://www.businessinsider.com/jack-dorsey-bitcoin-will-become-the-worlds-single-currency-2018-3?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingestm=ingest">world's "single currency</a>."Bitcoin has had a dizzying rally recent weeks, notching a series of record highs. The price has hovered around $50,000 on Wednesday. Last week, the cryptocurrency <a href="https://markets.businessinsider.com/currencies/news/bitcoin-price-plunges-valuation-fears-after-record-shattering-rally-2021-2-1030108132?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingestm=ingest">breached the $58,000-level</a> and <a href="https://markets.businessinsider.com/currencies/news/bitcoin-market-value-1-trillion-for-the-first-time-cryptocurrency-2021-2-1030102808?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingestm=ingest">hit a $1 trillion market capitalization</a> for the first time.Many bitcoin bears fault the cryptocurrency's volatility, yet for Ahuja, the daily movements are less important in the long term. "We think about the long-term arc," the CFO said. "We're going to evaluate this investment on an ongoing basis. We'll be dynamic. We'll respond to the market environment, but ultimately that long-term vision is what we're investing into."

Square CFO says 1 million users of its Cash App service bought bitcoin for the first time in January

<ul class="summary-list"><li><keyword id="6354616" type="UNKNOWN" weightage="60" keywordseo="Twitter">Twitter</keyword> and Square CEO <keyword id="265395" type="PERSON" weightage="60" keywordseo="Jack-Dorsey">Jack Dorsey</keyword> has doubled down on his support for bitcoin.</li><li>His comments came after Square's CFO said the company is working toward a greener future. </li><li>In total, Square holds 8,027 bitcoins, worth over $400 million at current prices.</li></ul>Twitter and Square CEO Jack Dorsey has said bitcoin changes everything for the better and he will work "forever" to improve the cryptocurrency. He made the comment on Twitter and<a href="https://twitter.com/jack/status/1393315865119141891"> followed up by saying </a>that "no single person (or institution) will be able to change [the cryptocurrency], or stop it."Earlier in the week, a<a href="https://www.businessinsider.in/cryptocurrency/news/squares-cfo-reportedly-says-the-company-has-no-plans-to-buy-more-bitcoin-after-incurring-millions-in-losses/articleshow/82636526.cms"> Financial News report quoted </a>Square's CFO, Amrita Ahuja, as saying the payments company had no plans to buy more bitcoin. It lost $20m on its $220m investment in the last quarter, the outlet said.Ahuja <a href="https://twitter.com/AmritaAhuja/status/1393309146175270913">later posted a message on Twitter,</a> saying the company's strategy with bitcoin hasn't changed.She said: "Our bitcoin strategy hasn't changed. We're deeply committed to this community, including working towards a greener future through our Bitcoin Clean Energy Initiative. And as we shared in February, we continue to assess our bitcoin investment on an ongoing basis. Nothing new here."In total, Square holds 8,027 bitcoins, worth over $400 million at current prices, as <a href="https://www.businessinsider.in/cryptocurrency/news/squares-cfo-reportedly-says-the-company-has-no-plans-to-buy-more-bitcoin-after-incurring-millions-in-losses/articleshow/82636526.cms">Insider reported</a>.The company has long been a proponent of cryptocurrencies, especially bitcoin, but believes they "need innovation in terms of renewables and clean energy," as <a href="https://www.fnlondon.com/articles/square-has-no-plans-to-buy-more-bitcoin-20210514">Ahuja told Financial News</a>. The drive for better innovation around bitcoin comes after increasing concerns about the negative environmental impact of cryptocurrency mining. In a recent announcement, crypto enthusiast, Elon Musk, <a href="https://twitter.com/elonmusk/status/1392602041025843203?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E1392602041025843203%7Ctwgr%5E%7Ctwcon%5Es1_&amp;ref_url=https%3A%2F%2Fwww.businessinsider.com%2Ftesla-bans-bitcoin-payments-due-to-impact-on-environment-2021-521-5">announced in a tweet,</a> that his company Tesla has suspended vehicle purchases made using bitcoin. It followed concerns surrounding the increasing use of fossil fuels for bitcoin mining and transactions. Musk's U-turn on accepting bitcoin as payment due to energy concerns caused a stir in crypto circles. As <a href="https://markets.businessinsider.com/currencies/news/elon-musk-tesla-bitcoin-adoption-halted-climate-criticisms-2021-5-1030432474">Insider's Harry Robertson reported</a>, the decision could halt the adoption of bitcoin by companies, who are increasingly climate-conscious.

Jack Dorsey says bitcoin changes everything for the better, following reports that Square has no plans to buy more of the cryptocurrency

<ul class="summary-list"><li><keyword id="265395" type="PERSON" weightage="60" keywordseo="Jack-Dorsey">Jack Dorsey</keyword>'s <keyword id="688028" type="CITY" weightage="60" keywordseo="Square">Square</keyword> has launched a <keyword id="6354778" type="ORGANIZATION" weightage="60" keywordseo="Banking">banking</keyword> arm to "operate more nimbly."</li><li>Utah-based Square Financial Services aims to offer <keyword id="35526" type="PERSON" weightage="60" keywordseo="business-loans">business loans</keyword> and <keyword id="45841" type="CITY" weightage="60" keywordseo="Deposit">deposit</keyword> products.</li><li>The <keyword id="6355272" type="UNKNOWN" weightage="60" keywordseo="bank">bank</keyword> will first underwrite and originate <keyword id="6362287" type="UNKNOWN" weightage="60" keywordseo="loans">loans</keyword> taken out by Square's existing sellers.</li></ul>Digital payments processor Square said on Monday it has launched in-house banking operations after <a href="https://squareup.com/us/en/press/square-financial-services-begins-banking-operations">completing the approval process</a> with a US insurance agency and Utah's financial regulator.Square Financial Services, the industrial bank based in Utah's Salt Lake City, is now ready for business after receiving conditional approval <a href="https://squareup.com/us/en/press/ilc-update">nearly a year ago</a>."Moving forward, Square Financial Services will be the primary provider of financing for Square sellers across the US," the company said in a statement.The first few actions for the bank will include underwriting and offering business loans for Square's existing lending product. Its primary purpose is to offer business loans and deposit products."Bringing banking capability in-house enables us to operate more nimbly, which will serve Square and our customers as we continue the work to create financial tools that serve the underserved," Square CFO Amrita Ahuja said.Square is headed by longtime cryptocurrency advocate Jack Dorsey, who is also chief executive of social media platform Twitter. With a product line that includes the <a href="https://cash.app/">Cash App</a> and Square <a href="https://squareup.com/gb/en/point-of-sale">Point-of-Sale</a>, the company is known for its easy-to-use mobile payment services.Shares in the company rose 3% to $248.80 in pre-market trading on Tuesday.

Jack Dorsey's Square kickstarts in-house banking services nearly a year after receiving conditional approval

<ul><li><keyword id="688028" type="CITY" weightage="60" keywordseo="Square">Square</keyword> said on Wednesday it purchased 4,709 bitcoins at an aggregate purchase price of $50 million.</li><li>The digital payments company said the investment represents approximately 1% of Square's total assets at the end of the second quarter of 2020.</li><li>Square sees potential for <keyword id="6354947" type="UNKNOWN" weightage="60" keywordseo="bitcoin">bitcoin</keyword> to become "a more ubiquitous currency" in the future, the company said.</li><li>The direct investment into bitcoin builds upon its previous investments in the crypto industry.</li><li><a href="https://www.businessinsider.com/?hprecirc-bullet?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingestedium=ingest" target="_blank" rel="noopener">Visit Business Insider's homepage for more stories</a>.</li></ul><a href="https://markets.businessinsider.com/stocks/sq-stock">Square</a> jumped as much as 3% on Thursday after <a href="https://www.businesswire.com/news/home/20201008005334/en/">it announced</a> it had purchased 4,709 <a href="https://markets.businessinsider.com/currencies/btc-usd">bitcoins</a> for an aggregate price of $50 million.Square paid an average price of $10,617 for each bitcoin. The company <a href="https://images.ctfassets.net/2d5q1td6cyxq/5sXNrlEh2mEnTvvhgtYOm2/737bcfdc15e2a1c3cbd9b9451710ce54/Square_Inc._Bitcoin_Investment_Whitepaper.pdf">said it was able to</a> make the $50 million purchase within a day without disrupting the <keyword id="31671" type="CITY" weightage="100" keywordseo="markets">markets</keyword>.The firm said its investment in the digital currency represents approximately 1% of its total assets at the end of the second quarter of 2020. Square's Chief Financial Officer Amrita Ahuja said that bitcoin "has the potential to be a more ubiquitous currency in the future."This isn't the first time Square got involved in bitcoin. In 2018, it launched the ability to buy and sell bitcoins within its Cash app, and in 2019, the company formed Square Crypto, a team solely focused on open-source work in the crypto space. Read more: <a href="https://www.businessinsider.com/stock-picks-to-buy-packaged-food-companies-covid-cooking-stifel-2020-10?utm_source=markets&amp;utm_medium=ingestgest" target="_blank" rel="noopener">Buy these 7 stocks poised to profit from the boom in packaged-food sales as COVID-19 prompts more Americans to cook at home, Stifel says</a>"As it [bitcoin] grows in adoption, we intend to learn and participate in a disciplined way," Ahuja said.Square said the investment aligns with its purpose of enabling everyone the ability to participate and thrive in the economy. "Square believes that cryptocurrency is an instrument of economic empowerment and provides a way for the world to participate in a global monetary system," the company said. Bitcoin jumped as much as 3% in Thursday trades to $10,957. <div type="image" title="sq.JPG" height="637" width="833" msid="78563911" hostid="261"></div>

Square buys 4,709 bitcoins for $50 million on the potential it will be a 'ubiquitous currency'

<ul><li>Just one month after its $50 million purchase of <keyword id="6354947" type="UNKNOWN" weightage="60" keywordseo="bitcoin">bitcoin</keyword>, <keyword id="688028" type="CITY" weightage="60" keywordseo="Square">Square</keyword> has pocketed $34 million in paper profits as bitcoin surges to near all time highs.</li><li>In October, Square purchased 4,709 bitcoins at an average price of $10,618 as it built up its exposure to the cryptocurrency.</li><li>Since then, bitcoin has surged nearly 70% to $17,850 as of Tuesday afternoon.</li><li><a href="https://markets.businessinsider.com/currencies/btc-usd">Watch bitcoin trade live here.</a></li></ul><a href="https://markets.businessinsider.com/stocks/sq-stock">Square's</a> $50 million investment in <a href="https://markets.businessinsider.com/currencies/btc-usd">bitcoin</a> last month is already paying dividends, as bitcoin surges to levels not seen since its 2017 ascent.In October, Square said <a href="https://www.businessinsider.com/bitcoin-price-square-buys-million-ubiquitious-potential-currency-digital-tech-2020-10">it purchased 4,709 bitcoins in a single day</a> for an aggregate purchase price of approximately $50 million. The move was in a bid to expand its exposure to the popular <keyword id="2721952" type="PERSON" weightage="60" keywordseo="crypto">crypto</keyword> currency, building ontop of its platform that already allows its users to buy, sell and transfer bitcoin.Square bought the 4,709 bitcoins for an average price of $10,618.Since the October purchase, bitcoin has surged nearly 70% to a high of $17,850 as of Tuesday afternoon, representing paper profits of $34 million for Square's initial purchase. Read more: <a href="https://www.businessinsider.com/multifamily-real-estate-investing-strategy-affordable-housing-units-evan-holladay-2020-11?utm_source=markets&amp;utm_medium=ingestgest" target="_blank" rel="noopener">30 years old with a piece of 300 units: Here's how Evan Holladay is filling a unique multifamily real-estate niche with an under-the-radar strategy</a>Shares of Square jumped as much as 6% in Tuesday trades to $190.74.The surge in bitcoin materialized as investors dealt with an uncertain presidential election, a surge in daily COVID-19 cases, and news of vaccine breakthroughs from both Pfizer and Moderna. Despite the recent rally, bitcoin still has its skeptics as not all investors are convinced of the utility that bitcoin provides.<a href="https://www.businessinsider.com/ray-dalio-bitcoin-outlook-forecast-3-reasons-fails-everyday-currency-2020-11">In a tweetstorm on Tuesday,</a> billionaire investor Ray Dalio listed 3 reasons why he can't get behind bitcoin as an everyday currency or store of wealth, though he did concede he "might be missing something."According to Square's CFO Amrita Ahuja, Dalio is missing something. Bitcoin "has the potential to be a more ubiquitous currency in the future," Ahuja said in October.Read more: <a href="https://www.businessinsider.com/stocks-to-buy-healthcare-tech-companies-turbocharged-by-covid-19-2020-11" target="_blank" rel="noopener">RBC says buy these 25 healthcare-tech stocks to reap the benefits of the US digital health industry, which has been accelerated by 5 years because of COVID-19</a><div type="image" title="Bitcoin chart.JPG" height="630" width="830" msid="79271681" hostid="261"></div>

Square has already raked in $34 million just one month after making a huge bitcoin investment

<ul><li>Shares of payments company <keyword id="688028" type="CITY" weightage="60" keywordseo="Square">Square</keyword> surged as much as 10% on Monday after <keyword id="107096" type="COMPANY" weightage="60" keywordseo="Tesla">Tesla</keyword> announced it is <a href="https://www.businessinsider.com/tesla-bitcoin-investment-risks-2021-2">investing $1.5 billion</a> into <keyword id="6354947" type="UNKNOWN" weightage="60" keywordseo="bitcoin">Bitcoin</keyword>. </li><li>Square, led by Twitter CEO Jack Dorsey, announced last October that it had purchased 4,709 bitcoins at average price of $10,617 per coin. </li><li>Earlier in February, Dorsey reinforced his support for the popular <keyword id="6357017" type="DEFINITION" weightage="60" keywordseo="cryptocurrency">cryptocurrency</keyword> by launching his own "node."</li><li><a href="https://newsletter.businessinsider.com/join/4np/10-things-opening-bell">Sign up here for our daily newsletter, 10 Things Before the Opening Bell</a>.</li></ul>Shares of payments company Square surged 10% on Monday after Tesla announced it is <a href="https://www.businessinsider.com/tesla-bitcoin-investment-risks-2021-2">investing $1.5 billion</a> into Bitcoin. The electric carmaker also said it may begin accepting the currency as payment, according to a regulatory filing. In October 2020, Square<a href="https://www.businessinsider.com/bitcoin-price-square-buys-million-ubiquitious-potential-currency-digital-tech-2020-10?utm_source=markets&amp;utm_medium=ingestgest"> announced</a> it had purchased 4,709 <a href="https://markets.businessinsider.com/currencies/btc-usd">bitcoins</a> for an aggregate price of $50 million. The San Francisco-based company paid an average price of $10,617 for each bitcoin.Square launched bitcoin <keyword id="6368158" type="UNKNOWN" weightage="60" keywordseo="trading">trading</keyword> in 2018 with <a href="https://squareup.com/us/en/about/investors/press/2617c157-c2b1-46d7-8277-623c96f3f96c?utm_term=_hlimaq6ptkkfqibbkk0sohzn3m2xph9chdzvuqbz00&amp;irgwc=1&amp;utm_medium=affiliate&amp;utm_source=impactource=impact">Cash App</a>, a platform that enables the buying and selling of bitcoin. Cash App generated <a href="https://www.sec.gov/Archives/edgar/data/1512673/000119312520286821/d201688dex991.htm#:~:text=Cash%20App%20generated%20%241.63%20billion,actives%20and%20volume%20per%20customer.">$1.63 billion</a> of bitcoin revenue during the third quarter of 2020 and $32 million of bitcoin gross profit. In 2019, the company also established <a href="https://squareup.com/us/en/press/2020-bitcoin-investment#:~:text=Square%20believes%20that%20cryptocurrency%20is,the%20second%20quarter%20of%202020.">Square Crypto</a>, an independent team focused on contributing to bitcoin open-source work. "We believe that bitcoin has the potential to be a more ubiquitous currency in the future," said Square's Chief Financial Officer, Amrita Ahuja <a href="https://squareup.com/us/en/about/investors/press/2617c157-c2b1-46d7-8277-623c96f3f96c?utm_term=_hlimaq6ptkkfqibbkk0sohzn3m2xph9chdzvuqbz00&amp;irgwc=1&amp;utm_medium=affiliate&amp;utm_source=impactource=impact">in a statement.</a>Square is headed by Jack Dorsey, who is a longtime cryptocurrency advocate. Earlier in February, Dorsey reinforced his support for the popular cryptocurrency by launching his own "node," a component in a blockchain's infrastructure that <a href="https://nodes.com/#nodes-definition">guarantees the security and accuracy of data</a> and is crucial to keeping the bitcoin network working.On Twitter, the Square founder shared an <a href="https://twitter.com/jack/status/1357588751757627393">image</a> of the node synchronizing with the bitcoin blockchain with the caption: "Running #bitcoin."Tesla's bitcoin investment is being looked at as a historic moment the history of the cryptocurrency to date. "This moment will likely be looked upon in years to come as a genuine tipping point," Dermot O'Riordan, partner at the blockchain-focused private-equity firm Eden Block, <a href="https://markets.businessinsider.com/currencies/news/elon-musk-tesla-6-crypto-experts-15-bln-investment-bitcoin-2021-2-1030056077">told Insider</a>. "Elon and Tesla's support legitimizes crypto and opens up bitcoin to a whole new class of retail and institutional investors. Now it seems all of Wall Street is in bed with this industry - if they weren't paying attention before, they are now."Shares of Square traded at $258.15 at 3:30PM E.T. on Monday. Bitcoin surged to news highs on Monday morning, topping $44,000.

Square gains 10% as the payments company rides bitcoin's record-breaking rise

<a href="https://www.businessinsider.com/better-capitalism"></a><div type="image" title="twitter jack dorsey" height="1333" width="2000" msid="78301449" hostid="261"></div><ul class="summary-list"><li><keyword id="688028" type="CITY" weightage="60" keywordseo="Square">Square</keyword>, the mobile payment company cofounded and led by <keyword id="265395" type="PERSON" weightage="60" keywordseo="Jack-Dorsey">Jack Dorsey</keyword>, announced Thursday a $100 million investment to address racial inequality in the financial world.</li><li>The company will commit $25 million to four areas including The Black Economic Development Fund, which funds Black-led financial institutions and businesses.</li><li>The news follows Dorsey’s August donation of <a href="https://www.businessinsider.com/jack-dorsey-donates-ibram-kendi-center-on-antiracism-boston-university-2020-8">$10 million to Boston University</a>'s Center for Antiracist Research.</li><li>Other companies like <a href="https://www.businessinsider.com/mastercard-makes-500-million-commitment-racial-wealth-gap-2020-9">Mastercard</a>, <a href="https://www.businessinsider.com/citigroup-pledges-over-1-billion-to-combat-racial-inequality-2020-9">Citi</a>, and <a href="https://news.yahoo.com/costco-wholesale-commits-25-million-140000550.html">Costco</a> have recently pledged millions to address racial inequality in the US. </li></ul>Financial services and mobile payment company Square announced on Thursday its plan to invest $100 million to address racial inequality. The company was cofounded by Twitter CEO Jack Dorsey, who serves as its CEO and chairman. "Our support of black and minority owned financial institutions enables those institutions in turn to put funds into the hands of people in underserved communities - through loans, development projects and investments," Square's CFO, Amrita Ahuja told Business Insider. "Economic empowerment has been Square's purpose from Day 1 and it is a more urgent need now than ever," she added. The company will invest the money in four areas:<ul><li>$25 million in deposits at Community Development Financial Institutions, which promote economic revitalization in underserved areas, and Minority Depository Financial Institutions, or banks and financial institutions that are owned or managed by minority groups </li><li>$25 million in The Keepers Fund, a trade group representing minority-owned financial institutions that provide employment, entrepreneurial opportunities, and capital to those in neighborhoods which often have little or no access to reasonably priced financial services</li><li>$25 million to The Black Economic Development Fund, which funds Black-led financial institutions and businesses </li><li>$25 million for future social justice programs.</li></ul>"Square's leadership to provide systemic solutions to change the narrative and trajectory on the equality issues is role-modeling the type of impact that many other organizations verbally aspire to achieve," Kenneth Kelly, chairman of the National Bankers Association, said in a press release. The news follows Dorsey's August donation of <a href="https://www.businessinsider.com/jack-dorsey-donates-ibram-kendi-center-on-antiracism-boston-university-2020-8">$10 million</a> to Boston University's Center for Antiracist Research, which was founded by best-selling author and thought leader Ibram X Kendi. In June, executives from both Twitter and Square announced Juneteenth would be a <a href="https://www.businessinsider.com/twitter-square-make-juneteenth-june-19-permanent-company-holiday-2020-6">permanent holiday</a>.Other companies are making significant investments, too. <keyword id="6372865" type="UNKNOWN" weightage="60" keywordseo="citi">Citi</keyword> recently announced a $1 billion commitment toward closing the racial wealth gap in the US. <keyword id="6368201" type="UNKNOWN" weightage="60" keywordseo="mastercard">Mastercard</keyword> pledged to invest $500 million to promote financial inclusion among Black people. Costco also recently committed $25 million to The Black Economic Development Fund, one of the organizations Square is donating too.

Jack Dorsey's Square just committed $100 million to boost Black-owned banks and businesses. Here's where the money is going.

<div class="KonaFilter image-container display-table"><div><div class="image on-image"><a href="https://www.flickr.com/photos/shardayyy/5495494287/in/photolist-9nBQZv-ACdmCc-A8ayLy-srb1Ka-sr4oY3-iicTqi-nQWwa4-s6jBJa-ePX4kf-bvM21C-9rrTWG-afpYLL-foq765-dRj7MB-pFYHRn-e9xZM6-n9Y1in-nz9XiM-q9F1nh-jeZGAj-ejuuRB-dWDaKM-fbXDkm-e2Qk7o-A9yBV2-AsBvSY-zZsGgr-p9RP7a-3nbnzX-c7Kbpu-cFx4j3-9QZLjL-myc97b-wrXkJH-xiGsWb-fycu94-acEDw9-dTi46p-cTb4tj-gu8AwC-epmUUg-nBy37W-xij6bk-eF5pMS-zwKFFT-oZapZz-xXTVtb-gmuW7C-brEVFg-quQp7">Shardayyy/Flickr</a></div></div></div><ul><li>Square plunged 15% on Friday after selling its Caviar food-delivery business and announcing increased spending in its second-quarter earnings report.</li><li>The company lowered its third-quarter earnings expectations as it plans to invest more in marketing ahead of the holiday season, when it says businesses heavily use its service. </li><li>Square's Cash App brought a spot of good news, hitting $135 million in quarterly revenue after bringing in "negligible" figures immediately after its 2016 launch.</li><li><a href="https://markets.businessinsider.com/stocks/sq-stock">Watch Square trade live here</a>.</li></ul>Digital-payments company <a href="https://markets.businessinsider.com/stocks/sq-stock">Square</a> fell 15% in early trading on Friday after announcing the <a href="https://www.businessinsider.com/author/graham-rapier" target="_blank" rel="noopener">sale of its Caviar subsidiary</a> and lowering its third-quarter revenue forecast.The company announced its second-quarter earnings Thursday. Shares fell about 8% in after-hours trading despite beating Wall Street's estimates for quarterly revenue and earnings per share.Here are the key numbers:Earnings: $0.210 versus the $0.163 estimateRevenue: $562.8 million, versus the $557.8 million estimateGross payment volume: $26.8 million, versus the $26.9 million estimate3Q revenue forecast: between $590 million and $600 million, versus the $599.5 million estimateSquare announced its sale of Caviar - a food delivery subsidiary - to DoorDash in its Thursday earnings report. <a href="https://markets.businessinsider.com/news/stocks/doordash-is-acquiring-delivery-competitor-caviar-from-square-410-million-2019-8-1028410105">The $410 acquisition</a> is expected to close at the end of the year. Square bought Caviar for $44.3 million in 2014, according to an SEC filing."We look forward to welcoming the Caviar team to DoorDash and expanding our partnership with Square in the future," DoorDash CEO Tony Xu said <a href="https://www.prnewswire.com/news-releases/doordash-signs-definitive-agreement-to-acquire-caviar-squares-food-ordering-platform-300895200.html">in a press release</a>.Profit expectations for the third quarter fell as Square plans to invest more in marketing and "ecosystem sales" ahead of the holiday season. The expenses will affect third- and fourth-quarter earnings figures, as "we know businesses make decisions and spending can be more effective prior to the holidays," Square CFO Amrita Ahuja said on a call with analysts.One spot of good news came from the company's Cash App, a peer-to-peer payment business similar to <a href="https://markets.businessinsider.com/stocks/pypl-stock">Paypal</a>'s Venmo. The app's revenue has rapidly grown from the "negligible" figures seen immediately after its 2016 launch, Ahuja said."The Cash App ecosystem continues to exceed our expectations. In just 3 years, Cash App revenue performed basically $0 to $135 million, excluding Bitcoin. We love you, Bitcoin," CEO Jack Dorsey added on the call. Dorsey also serves as <a href="https://markets.businessinsider.com/stocks/twtr-stock">Twitter</a>'s CEO.Square closed Thursday at $80.98 per share, up about 45% year-to-date.The company has 17 "buy" ratings, 17 "hold" ratings, and 4 "sell" ratings from analysts, with a consensus price target of $81.35 per share, according to Bloomberg data.Now read more markets coverage from Markets Insider and Business Insider:<a href="https://markets.businessinsider.com/currencies/news/how-stocks-gold-oil-bitcoin-other-assets-have-performed-2019-2019-8-1028409633">The 3 major US stock indexes are fresh off record highs. Here's how other popular investments have fared in 2019.</a><a href="https://markets.businessinsider.com/news/stocks/us-dollar-impact-of-fed-rate-cut-opposite-trump-wants-2019-8-1028409395">The dollar climbed to its highest level in more than 2 years after the Fed cut rates. That's the opposite of what Trump wants.</a><a href="https://www.businessinsider.com/wealth-management-investing-advice-from-top-rated-sara-rajo-miller-2019-8">America's youngest wealth manager for the ultrarich explained to us why millennials' investing vulnerability is also their greatest strength</a><div class="KonaFilter image-container display-table"><div><div class="image on-image"><a href="https://markets.businessinsider.com/stocks/sq-stock">Markets Insider</a></div></div></div> <div class="margin-top"> <h3>NOW WATCH: <a href="https://www.businessinsider.com/after-bumped-off-flight-heres-what-need-know-legally-department-transportation-fly-airplane-airline-2017-4">Here's what airlines legally owe you if you're bumped off a flight</a></h3> <div> </div> </div>

Square plummets 15% after selling its food-delivery business and saying it will spend more

<div class="KonaFilter image-container display-table float_right"><div><div class="image on-image">Warner Bros.Niantic is expected to make a "Harry Potter" game after its fundraise.</div></div></div>Good morning! This is the tech news you need to know this Friday.<ol><li><a href="https://www.ft.com/content/56ad7d64-0f66-11e9-acdc-4d9976f1533b">Apple has slipped further down the ranks of the most valuable companies, dropping behind Google parent Alphabet to fourth place</a>. Its valuation, once above $1 trillion, slipped to around $680 billion on Thursday.</li><li><a href="https://www.businessinsider.com/apple-profit-warning-how-wall-street-reacted-2019-1?r=US&amp;IR=T">Wall Street took an apocalyptic view of Apple's shock sales warning, with analysts almost universally reducing their price targets</a>. Analysts worried that China's economic slowdown had impacted Apple so severely.</li><li><a href="https://www.businessinsider.com/apple-services-revenue-peak-iphone-undermined-netflix-2019-1?r=US&amp;IR=T">Apple's attempts to distract Wall Street by talking up its $10.8 billion services business were somewhat undermined by Netflix finding a way to circumvent iTunes billing</a>. Figures show that Apple is hugely reliant on the revenue it earns from its unpopular 30% levy on app subscriptions, one-off payments, and in-app content purchases - but Netflix's latest move puts that revenue stream at risk.</li><li><a href="https://www.businessinsider.com/hasan-minhaj-saudi-making-netflix-pull-patriot-act-is-self-defeating-2019-1?r=US&amp;IR=T">The comedian whose show was pulled from Netflix in Saudi Arabia said that the kingdom had played itself by encouraging more people to talk about and watch the show</a>. Hasan Minhaj said that the removal of the episode made it go viral, and that more people saw it as a result.</li><li><a href="https://www.businessinsider.com/zuckerberg-stopped-selling-facebook-shares-2019-1?r=US&amp;IR=T">Mark Zuckerberg stopped selling off his Facebook stock in the fourth quarter of 2018, according to a Bloomberg report on Thursday</a>. The decision to cease the sale of his options amid the stock's recent decline is likely Zuckerberg protecting his majority stake in the company.</li><li><a href="https://www.businessinsider.com/snaps-head-of-global-strategic-partnerships-is-leaving-2019-1?r=US&amp;IR=T">Elizabeth Herbst-Brady, Snap's head of global strategic partnerships, is leaving the company</a>. Herbst-Brady is the latest in a string of executives to leave Snap in recent months.</li><li><a href="https://www.businessinsider.com/new-yorks-governor-called-tesla-for-help-with-nyc-subway-2019-1?r=US&amp;IR=T">New York's governor called Tesla to see if the company could help fix NYC's subway system</a>. Andrew Cuomo was discussing an idea to improve the signal system used by NYC's subway, which he said would take seven to ten years to install. </li><li><section><div data-e2e-name="byline"><div data-e2e-name="byline-content"><div><a href="https://techcrunch.com/2019/01/03/pokemon-go-creator-niantic-closes-190m-round/">Pokemon Go creator Niantic disclosed in an SEC filing that it has raised a $190 million funding round, TechCrunch reports</a>. Niantic is expected to launch a "Harry Potter" game some time in 2019.</div></div></div></section></li><li><a href="https://techcrunch.com/2019/01/03/square-finds-its-sarah-friar-replacement-with-new-cfo-amrita-ahuja/">Enigmatic life science company Verily has raised a mega funding round of $1 billion led by technology investment firm Silver Lake. </a>Formerly called Google Life Sciences, Verily aims to develop tools that help collect and organize health data.</li><li><a href="https://techcrunch.com/2019/01/03/square-finds-its-sarah-friar-replacement-with-new-cfo-amrita-ahuja/">Payment firm Square has hired Amrita Ahuja as its new CFO, three months after predecessor Sarah Friar left to become CEO of Nextdoor</a>. Ahuja joins from Blizzard Entertainment.</li></ol>Have an Amazon Alexa device? Now you can hear 10 Things in Tech each morning. Just search for "Business Insider" in your Alexa's flash briefing settings. <div class="margin-top"> <h3>NOW WATCH: <a href="https://www.businessinsider.com/marie-kondo-on-organizing-your-home-2016-1">Japanese lifestyle guru Marie Kondo explains how to organize your home once and never again</a></h3> <div> </div> </div>

10 things in tech you need to know today

<div class="KonaFilter image-container display-table"><div><div class="image on-image">REUTERS/Lucas JacksonJack Dorsey, CEO of Square and CEO of Twitter, speaks during an interview with CNBC following the IPO for Square</div></div></div><ul><li><a href="https://markets.businessinsider.com/stocks/sq-stock">Square</a> is scheduled to report its fourth-quarter results after the market's close on Wednesday.</li><li>The Jack Dorsey-led mobile-payments firm <a href="https://markets.businessinsider.com/news/stocks/square-stock-price-earnings-q3-wall-street-says-2018-11-1027707785#goldman-sachs1">issued</a> disappointing quarterly earnings guidance last November.</li><li>On Wednesday, Square shares were trading 23% below last fall's record high. </li><li><a href="https://markets.businessinsider.com/stocks/sq-stock">Watch Square trade live</a>.</li></ul><a href="https://markets.businessinsider.com/stocks/sq-stock">Square</a>, the mobile-payments company, is scheduled to report fourth-quarter earnings after Wednesday's closing bell - months after issuing<a href="https://markets.businessinsider.com/news/stocks/square-stock-price-earnings-q3-wall-street-says-2018-11-1027707785#goldman-sachs1"></a> disappointing <a href="https://markets.businessinsider.com/news/stocks/square-stock-price-earnings-q3-wall-street-says-2018-11-1027707785#goldman-sachs1">quarterly earnings guidance</a>.Here's what Wall Street expects, according to analysts surveyed by Bloomberg.<ul><li>Adjusted earnings per share (EPS): $0.14.</li><li>Revenue: $454.6 million.</li></ul>Wednesday's report marks the first without the company's longtime CFO, Sarah Friar. <a href="https://www.businessinsider.com/square-cfo-sarah-friar-leaves-to-be-ceo-of-nextdoor-2018-10">Her departure</a> was first announced last October, a development that slammed the stock. Last month, the company named former Activision Blizzard executive Amrita Ahuja as her replacement.Ahead of the results, James Friedman, an analyst at Susquehanna, told clients Square continues to innovate in the financial-technology space, and reiterated his price target of $77 - about 2% below where shares were trading Wednesday.Previously, Friedman lowered his rating on Square's stock from "positive" to "neutral" after the company offered weaker-than-expected profit guidance. Still, Friedman is positive in the long-term.More broadly, Wall Street's sentiment on the Jack Dorsey-led company is split between neutral and optimistic outlooks.Of the analysts surveyed by Bloomberg, 17 say "buy," 15 say "hold," and just four say "sell."Square shares surged 190% between the start of 2018 and its all-time high of $101.14 in September. Currently, they're down 23% from their September peak.Please check back for updates after the stock market's close.Now read:<ul><li><a href="https://markets.businessinsider.com/news/stocks/stock-market-news-wall-street-weighs-in-on-slowdowns-2019-2-1027976216#-a-big-end-of-cycle-fear-1">'Stoned on free money': Wall Street is cautioning investors to beware of late-cycle risks around the world</a></li><li><a href="https://www.businessinsider.com/how-to-invest-specific-markets-advice-from-byron-wien-2019-2">Investing guru Byron Wien built a legendary career by growing other people's money. Here's where he would invest $50,000 today.</a></li></ul><div class="KonaFilter image-container display-table"><div><div class="image on-image">Markets InsiderSquare shares.</div></div></div><a href="https://www.businessinsider.com/intelligence/future-of-payments?IR=T&amp;utm_source=businessinsider&amp;utm_medium=ctgr&amp;utm_term=ctgr_leadgen&amp;utm_content=payments_ctgr_leadgen&amp;utm_campaign=payments_ctgr_leadgen_future-of-payments"></a> <div class="margin-top"> <h3>NOW WATCH: <a href="https://www.businessinsider.com/what-el-chapo-joaquin-guzman-really-like-cartel-wives-2017-10">What El Chapo is really like, according to the wife of one his closest henchman</a></h3> <div> </div> </div>

Here come Square earnings...

<div class="KonaFilter image-container display-table"><div><div class="image on-image"></div></div></div><ul class="summary-list"><li><a href="https://www.businessinsider.com/category/activision-blizzard" target="_blank" rel="noopener">Blizzard Entertainment</a>, the creator of huge video game franchises like "Overwatch," "World of Warcraft," and "Hearthstone," is undergoing a big round of layoffs, Kotaku reports.</li><li>Activision Blizzard, the parent company of Blizzard, has seen its stock lose almost half its value since October 2018.&#xa0;</li></ul>Blizzard Entertainment, one of the biggest names in the video game business, has begun a significant round of layoffs, <a href="https://kotaku.com/activision-blizzard-begins-massive-layoffs-1832571288">Kotaku reports</a>. The move seems to confirm <a href="https://www.bloomberg.com/news/articles/2019-02-08/activision-is-said-to-plan-job-cuts-as-sales-of-key-games-stall" target="_blank" rel="noopener">earlier new reports from Bloomberg.</a>Blizzard is responsible for flagship gaming franchises including "World of Warcraft," "Overwatch," "Hearthstone," and "Diablo." A spokesperson for the company did not immediately respond to a request for comment.&#xa0;In a memo to staff <a href="https://kotaku.com/activision-blizzard-begins-massive-layoffs-1832571288">obtained by Kotaku</a>, Blizzard leadership promised an "comprehensive severance package" to affected employees. Kotaku reports that the job cuts could affect as many as hundreds of employees.&#xa0;On Tuesday, Blizzard parent company Activision Blizzard is expected to report its earnings for the December quarter. The holiday quarter is traditionally the biggest of the year for the video game business, but Wall Street is projecting the company to show slowing revenue. Activision Blizzard stock has seen its value cut in half in recent months.A person close to the company previously told Kotaku's Jason Schrier that the layoffs are expected to hit Blizzard's esports and publishing divisions especially hard. Blizzard, has spent the last several years supporting professional competition for its most popular games, including "Overwatch," "Hearthstone," and "Starcraft."Notably, it seems that Blizzard esports head Amy Morhaime left the company in December, according to her LinkedIn. That came just months after Blizzard cofounder Mike Morhaime, her husband, announced that he would step down as president of the company. Morhaime is staying on as a strategic advisor to Blizzard through April.&#xa0;&#xa0;Beyond Amy Morhaime and Mike Morhaime, Activision Blizzard has lost other key executives, including <a href="https://markets.businessinsider.com/news/stocks/activision-blizzard-re-appoints-dennis-durkin-as-cfo-quick-facts-1027839133">CFO Spencer Neumann</a>. More recently, Activision Blizzard lost the rights to flagship online shooter "Destiny 2," as developer Bungie opted to split off and self-publish the title.Activision Blizzard cited underwhelming sales for the "Destiny 2: Forsaken" expansion as one of the reasons the company underperformed during the third quarter of 2018. In that quarter, the video game publisher reported a 5% decline in earnings over the same period of 2017, and revenue over the same quarter declined by 6.6% to $1.151 billion.&#xa0;Blizzard has reportedly been working to cut costs since early last year. Employees at Blizzard <a href="https://kotaku.com/with-activisions-influence-growing-blizzard-is-cutting-1831263741" target="_blank" rel="noopener">told Kotaku</a> that they were repeatedly told to reduce spending by former CFO Amrita Ahuja, who left in January 2019. In December, <a href="https://www.eurogamer.net/articles/2018-12-21-blizzard-customer-service-staff-express-concern-as-over-100-accept-cash-to-exit-irish-hub" target="_blank" rel="noopener">Eurogamer reported</a> that Blizzard negotiated buyouts for more than 100 customer service employees based in Ireland.Do you work at Blizzard or have a confidential tip to share? Contact this reporter by email at kwebb@businessinsider.com, or via Twitter DM at @ForteK. You can also <a href="https://www.businessinsider.com/how-to-tip-business-insider-securely-guide-signal-securedrop-2017-6" target="_blank" rel="noopener">contact Business Insider securely via SecureDrop.</a><div></div> <div class="margin-top"> <h3>NOW WATCH: <a href="https://www.businessinsider.com/apple-macbook-air-laptop-microsoft-surface-go-tablet-review-2019-1">We compared the $1,200 MacBook Air with the $500 Surface Go, and the results were a mess</a></h3> <div> </div> </div>

You Searched For "amrita ahuja" and got 13 results

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Here come Square earnings...

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Blizzard, the creator of 'Overwatch' and 'Hearthstone,' is having a big round of layoffs

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