2021-05-06 23:25:02
#SQ
Revenue and gross profit
Total net revenue was $5.06 billion in the first
quarter of 2021, up 266% year over year. Excluding
bitcoin, total net revenue in the first quarter was
$1.55 billion, up 44% year over year. Gross profit
was $964 million in the first quarter of 2021, up 79%
year over year.
Transaction-based revenue was $960 million in the
first quarter of 2021, up 27% year over year, and
transaction-based gross profit was $435 million, up
49% year over year. We processed $33.1 billion in
GPV in the first quarter of 2021, up 29% year over
year. Transaction-based gross profit as a percentage
of GPV was 1.31% in the first quarter of 2021, up 17
basis points year over year and up 8 basis points
quarter over quarter.
Subscription and services-based revenue was
$558 million in the first quarter of 2021, up 88%
year over year, and subscription and servicesbased gross profit was $469 million, up 84% year
over year. Growth in the quarter was driven by our
Cash App and Seller ecosystems.
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