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Earnings Outlook: Square earnings: Bitcoin may generate buzz, but it’s not what pays the bills

In recent months, Square Inc. shares have often traded in conjunction with a factor that’s expected to have “minimal” impact on the company’s earnings due out Tuesday afternoon.

Since confirming in November that it was allowing some users of its peer-to-peer Square Cash platform to buy and sell bitcoin, Square SQ, +3.77% has become somewhat of a play on cryptocurrencies, with its shares at times swinging wildly based on the day’s attitudes toward crypto.

“For almost three months, the Square narrative has been conflated with the bitcoin narrative despite the latter’s likely minimal real impact on the former,” wrote BTIG analyst Mark Palmer last week.

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