Square swung to a profit on revenue of $5.057 billion in the first quarter from a year earlier

According to media reports, mobile payments company Square announced its fiscal 2021 first quarter earnings. Square’s net revenue in the first quarter was .057 million, up 266 percent from the previous year’s figure of .381 million, according to the report.

Excluding bitcoin revenue, Square’s total net revenue was $1.55 billion in the first quarter, up 44% from the same period last year. Square reported net income of $39m in the first quarter, compared with a net loss of $106m in the same period last year.

Square’s first-quarter revenue and adjusted earnings per share both beat Wall Street analysts’ expectations and pushed shares up more than 3 percent after the day.

Square’s key Q1 results:




For the quarter ended March 31, Square reported net income of $39 million, or $0.08 per diluted share, better than in the same period last year. For the first quarter of fiscal 2020, Square reported a net loss of $106 million, or a diluted loss per share of $0.24. Excluding certain one-time items (non-GAAP), Square reported adjusted earnings of $0.41 per diluted share in the first quarter, compared with an adjusted loss of $0.02 per diluted share in the same period last year, beating analysts’ expectations.

On average, 36 analysts had expected Square to earn 16 cents a share in the first quarter, according to data provided by Yahoo Finance.

Square’s total net revenue for the first quarter was $5.057 billion, up 266% from $1.381 billion in the same period last year, beating analysts’ expectations. Excluding bitcoin revenue, Square reported total net revenue of $1.55 billion in the first quarter, up 44 percent from the same period last year. Square reported gross profit of $964 million in the first quarter, up 79% from $539 million in the same period last year.




Square’s adjusted EBITDA, or earnings before interest, taxes, depreciation and amortization, was $236 million in the first quarter, compared with $9 million % in the same period last year.

Square reported an operating profit of $67.7 million in the first quarter, compared with an operating loss of $90.3 million in the same period last year.

As of the end of the first quarter of 2021, Square reportedly had $4.8 billion in available working capital, including $4.3 billion in cash, cash equivalents, restricted cash, and investments in tradable debt securities, and $500 million available from a revolving credit facility.



Looking ahead to the rest of 2021, Square said in its earnings statement that the company believes its two-year compound annual growth rate from 2019 to 2021 will help reflect underlying gross profit trends for each ecosystem. In the second quarter of 2021, the company’s Cash App is expected to post strong year-over-year gross profit growth of 167% as U.S. government spending begins in April 2020.

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