Jack Dorsey‘s payments firm Square Inc. announced in its third quarter earnings report that its mobile payment app Cash App saw its quarterly earnings generated by Bitcoin decline 23%.

But Bitcoin’s profits as well as revenues increased compared to last year.

Square attributed the quarterly decline in Bitcoin sales and gross profit to “the relative stability of Bitcoin price, which had an impact on trading activity compared to previous quarters.”

The Cash app allows users in the US and UK to buy Bitcoin and transfer money and BTC peer-to-peer. According to AppBrain, it is currently in second place behind the best-rated crypto.com when it comes to installing financial apps in the US Google Play Store.

Bitcoin experienced less volatility in the third quarter than it did in the second quarter after the price fell from its previous ATH from nearly $ 63,000 to around $ 31,000 in the second quarter, while Bitcoin price ranged from around $ 30,000 to $ 50,000 in the third quarter.

The earnings report states that Bitcoin’s revenue reached $ 1.82 billion in the third quarter of 2021, while Bitcoin’s total profit reached $ 42 million, up 11% and 29% respectively over the same period of the Corresponds to the previous year. The report attributes some of that year-to-date growth to the rise in Bitcoin price.

The cash app is currently chasing the teen market. November 4th, Jack Dorsey tweeted that people aged 13 and over can now use the Cash App for peer-to-peer transactions, but currently cannot use it to deposit checks or buy Bitcoin. This means that the Cash App competes with the Apple Cash family option. Adding bitcoin functionality for teenagers sets it apart from everything else, including Apple Cash and Venmo, and could help increase profits.

Cash app is now available for everyone aged 13 and over https://t.co/TeK8uPQ9Tt

– jack⚡️ (@jack) November 3, 2021

Despite weaker Bitcoin revenue, Cash App showed solid overall growth in the third quarter of 2021, posting revenue of $ 2.39 billion and gross profit of $ 512 million, up 16 percent and 33 percent, respectively.

Related: Jack Dorsey’s Square plans to build an open source bitcoin mining system

Cash App made headlines earlier this week when it received confirmation from popular NFL quarterback Aaron Rodgers, who announced that he was working with Cash App to accept part of his salary in Bitcoin. .

Square Inc.’s share price after hours fell to $ 237.88, down 3.87%.

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