The economic recovery accelerated payment provider Square’s (NYSE: SQ) Q1 2021 earnings, with gross profit up 79% year-over-year on $5.06 billion in net revenues, a 266% increase year-over-year. Excluding Bitcoin revenue, Square posted total net revenue of $1.55 billion, a 44% year-over-year increase.
Gross profit was $964 million, up from $804 million a year ago. Adjusted earnings before interest, taxes, depreciation and amortization was $236 million, up from $9 million a year ago and $185 million in Q4. Seller gross profit jumped 32% year-over-year to $468 million, up from $427 million in Q4, and Cash App gross profit was $495 million, a 171% year-over-year increase and an increase of nearly $120 million from Q4’s $377 million.
Net income was $39 million; it was $88 million when excluding losses of $29 million related to an investment in DoorDash and $20 million related to an impairment charge of Square’s investment in Bitcoin. The company invested $50 million in 2020 and $170 million in February into Bitcoin.
Adjusted earnings per share was 41 cents on a diluted basis, versus a 2 cent loss a year ago.
In a letter to shareholders, Square said it remains committed to boosting sellers and participated in the Paycheck Protection Program (PPP), facilitating $531 million in PPP loans to more than 57,000 businesses through Square Capital.
“In keeping with our purpose of economic empowerment, we helped reach sellers who are typically overlooked by traditional financial institutions,” the company said. “During the first quarter, the vast majority of our PPP loans were distributed to sellers with fewer than five employees. We see a meaningful opportunity to expand access to banking products for small businesses, and we opened our bank, Square Financial Services, in March to pursue this effort.”
Seller gross payment volume (GPV), which represents the total dollar amount of all card payments processed by sellers using Square, net of refunds, reached $18.1 billion in Q1, growing nearly $5 billion year-over-year.
Square’s Cash App, which is a peer-to-peer money transfer system, continues to grow, and benefited from the stimulus checks sent to American taxpayers. Cash flow into the app in March increased 55% over February, the company said. The Cash App business GPV was $3.4 billion, up 227% year-over-year.
Square processed $33.1 billion in GPV overall in Q1, a 29% increase year-over-year. Transaction-based revenue was $960 million, a 27% increase year-over-year, and subscription and services-based revenue was $558 million, up 88% from Q1 2020.
Square’s investment in Bitcoin netted $3.51 billion in revenue, although Bitcoin profit was only $75 million, it said.
Square Capital facilitated approximately 136,000 loans in the first quarter of 2021, totaling $923 million, up 68% year over year.
Operating expenses in Q1 increased 42% year-over-year to $896 million. Square spent $309 million on product development expenses on a GAAP basis and $204 million on a non-GAAP basis.
thoe
Do you need a Loan, or you want to refinance your home, pay off bills,
expand your business? look no further we off all kinds of Loan at 3%
interest rate per year. if interested, contact us via Email:
johnleemill12345@gmail.com
Thank you for choosing Guarantee Trust Finance.
Sincerely,
Mr. John lee
maria wilson
I finally found an account manager about which for the first time in 5 years I will write a positive review. Mrs Ashley really showed its good side. This is both reliability in the execution of orders, and professional consultants who will always come to the rescue if force majeure suddenly happened on the market, I have no complaints about her trading platform, it works perfectly and does not freeze. With the depositing and withdrawal of funds in general there is no problems, everything comes on time. And of course, webinars which are conducted very often, for beginner traders and if you want to recorver your lost funds – I recommend Mrs Ashley, although for those with experience too. In general, for four months I have no complaints about the platform. you can whatsapp her on +447859834586 Email. ( ashleyraymond070@gmail.com )
nico
If you want to make profit from bitcoin then you should daytrade.
I’d suggest you trade with Daniel Barkley’s platform. I have been trading through his mentorship for more than a year and my return of investment has been guaranteed, plus the figures are really great too.
You can reach him through his email address,
Danbarktrader@gmail.com
woodien
Hello,
There are many ways to achieve your financial goals. Cryptocurrency has made more people millionaires than any other trade or investment opportunity in the world within the last decade. And the good news is this, it is never too late to start trading cryptocurrencies.
Make huge profits with minimum investment trading on cryptocurrencies with my professional investment broker.
Tested and Trusted. Here are what you benefit:
Investment is secure and safe.
Fast Payout assured.
Free registration available.
Trading tutorials for newbies.
Withdrawals delivered straight to your wallet in seconds.
Why send you this email?
What do I stand to gain?
What I stand to gain is a referral bonus from my broker. And also I will be given access to my own mining dashboard after 10 referrals. whatsapp: +1(727) 242-0043
Email: contact@binarymultitrade.com