Payments processor Square reported net revenue of $1.92bn for the second quarter of 2020, a surge of 64% compared with $1.17bn in the year-ago period.

For the quarter ended 30 June 2020, the payments processor posted a net loss of $11.5m, or 3 cents per share, as against a loss of $6.7m, or 2 cents per share a year ago.

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Adjusted EBITDA was $98m, compared to $105m in the second quarter of 2019.

Square attributed the slide in adjusted EBITDA compared to the prior-year period mainly to a slowdown in seller revenue.

Square in its press release said that it Cash App registered a 167% surge in transactions in the second quarter as the Covid-19-triggered lockdown forced more Americans to shop online.

Cash App delivered strong growth in the second quarter of 2020. IT generated $1.2bn of revenue and $281m of gross profit, which increased 361% and 167% year over year, respectively.

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Excluding Bitcoin, Cash App revenue surged 140% year over year to $325m.

In its press statement, the company said: “We drove an uplift in the acquisition of net new transacting active Cash App customers as well as strong adoption of products such as Cash Card, Boost, direct deposit, and bitcoin investing.

“As of the end of the second quarter of 2020, Cash App customers had more than $1.7bn in cash balances stored in their accounts, up to 86% compared to the end of the first quarter of 2020.”

Square, founded and led by Twitter CEO Jack Dorsey, noted that its subscription and services-based revenue, surged 38% to $346m during the second quarter.