Square posted another stunning quarter (1Q/17) with revenue up 22%+ year-on-year (YOY), gross payment volume (GPV) up more than 32%.
Square says it continues to see strength from larger sellers, which are those that generate more than $125,000 in annualized GPV. In the first quarter, GPV from larger sellers grew 44% year over year and accounted for 43% of total GPV, up from 39% of total GPV in the first quarter of 2016.
Transaction-based revenue was $403 million in the first quarter,
up 34% from the first quarter of 2016. Transaction-based revenue as a percentage of GPV was 2.96% in the first quarter of 2017, up from 2.92% in the prior year period.
Square total revenue was up 21.9% YOY in 1Q/17 to $462 million, compared to $452 million in the prior quarter, and $379 million in the year ago quarter.
The loss stabilized YOY to $15 million for the first quarter. Square reported an $15 million loss for the prior quarter, and $96 million loss for the year ago quarter.
Subscription and services-based revenue was $49 million in the first quarter, up 106% from the first quarter of 2016 and accelerating from 81% year-over-year growth in the fourth quarter of 2016.
Square’s GPV was up 32.0% YOY to $13.6 billion for 1Q/17, compared to $13.7 billion for 4Q/16 and $13.6 billion for 1Q/16.