Square benefits from improving economy, Bitcoin investment to post 266% revenue hike
Revenues top $5 billion, profits jump 79% in Q1
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An improving economy and a $170 million investment in Bitcoin drove payment provider Square’s revenue up 266% and profits up 79%. (Photo: Square)
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.