The Square results are out for the first quarter of 2018. The payments firm is improving revenues but expenses have increased and profitability still eludes them. However, other enterprises are expected to expand their reach in the year to come. You can read about the full Square results here.
In the first quarter of 2018, total net revenue grew 45% year over year and Adjusted Revenue grew 51% year over year, compared to 36% and 47%, respectively, in the fourth quarter of 2017. Here’s a digest of the crucial numbers from the quarterly report:
We continue to accelerate growth at scale, expanding our ecosystem for sellers and individuals. In the first quarter of 2018, total net revenue was $669 million, up 45% year over year, and Adjusted Revenue was $307 million, up 51% year over year. This is an increase from the fourth quarter of 2017, when total net revenue and Adjusted Revenue grew 36% and 47%, respectively, year over year. Gross Payment Volume (GPV) was $17.8 billion, up 31% year over year. Net loss in the first quarter was $24 million, which is an increase of $9 million from a net loss of $15 million in the first quarter of 2017.
– Square letter to shareholders
Recently Square announced that they will be expanding into ecommerce to expand their reach with the acquisition of ecommere storefront provider Weebly. The new frontier will expand Square’s options and bring it firmly into the world of ecommerce.
The Weebly buy-out will expand Square’s customer base globally and add a new recurring revenue stream. Weebly has millions of customers and more than 625,000 paid subscribers.
Square will provide Weebly customers with access to the company’s ecosystem of managed payments, hardware, and software, which complement their services, which include free website hosting, premium (paid) website design and hosting, online store, and marketing tools. Nearly 40% of Weebly’s paid subscribers are outside the US, which they claim will help accelerate Square’s global expansion.