Jack Dorsey's payments visitor, Square, revealed in its Q3 earnings report that mobile payments app Cash App saw a 23% drib in quarterly profits generated by Bitcoin (BTC).

Only Bitcoin profits and acquirement are both upward year-on-year.

Square attributes the drib-off in quarter-on-quarter Bitcoin revenue and gross profit to the "relative stability of the toll of Bitcoin, which affected trading activity compared to prior quarters."

Greenbacks App allows users in the United States and the United Kingdom to buy Bitcoin and transfer money and BTC peer-to-peer. According to AppBrain, it currently ranks second in finance app downloads on the U.S. Google Play Shop behind top-ranked Crypto.com.

Bitcoin saw much less volatility in Q3 than Q2 after the cost dropped from a previous all-fourth dimension high of most $63,000 to about $31,000 in Q2, while in Q3, Bitcoin's price ranged from near $30,000 to $50,000.

The earnings report states that during the third quarter of 2022, Bitcoin revenue reached $i.82 billion, while gross profits on Bitcoin hit $42 million, representing xi% and 29% yr-over-year increases, respectively. The report attributes some of this year-on-year growth to the increase in the price of Bitcoin.

Greenbacks App is now going after the teen market. On Th, Dorsey tweeted that everyone thirteen and older tin can now use the Greenbacks App for its peer-to-peer transaction capability; however, they cannot currently use it to deposit checks or buy Bitcoin. This puts Cash App in contest with Apple Cash's family pick. Adding Bitcoin functionality for teenagers would set information technology apart from all others, including Apple Cash and Venmo, and could help increase profits.

Despite the weaker Bitcoin acquirement, Cash App demonstrated solid overall growth in the third quarter of 2022 by generating $two.39 billion in revenue and $512 one thousand thousand in gross profit, 16% and 33% increases, respectively.

Related: Jack Dorsey's Foursquare plans to build an open-source Bitcoin mining system

Cash App made headlines before this calendar week by gaining endorsements from popular NFL quarterback Aaron Rodgers, who stated he was partnering with Cash App to accept a portion of his salary in Bitcoin.

Square's stock price has fallen to $237.88 in later on hours trading, down 3.87%.