Square results Q118: expenses soar

No primary category set

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:

Square results

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.

RELATED POSTS..

Square-afterpay-01-scaled

Square announces Afterpay acquisition

New-Square-inventory-management-features-now-available

New Square inventory management features now available

How-Square-gets-you-paid-quickly-no-matter-how-you-transact

How Square gets you paid quickly no matter how you transact

Square-Kitchen-Display-System

Square Kitchen Display System (KDS) for Square Restaurants subscribers

Square-Terminal

Square Terminal for in-store card payments launched today

ChannelX Guide...

Featured in this article from the ChannelX Guide – companies that can help you grow and manage your business.

Latest

Take a look through a selection of the latest articles on ChannelX

Register for Newsletter

Receive 5 newsletters per week

Gain access to all research

Be notified of upcoming events and webinars