Square Reports $933 Million in Q4 Revenues

SAN FRANCISCO — Small business payment processor Square reported fourth quarter revenues of $933 million, a 51% increase from last year, and a net loss of $23 million. Total gross payment volume for the quarter was $23 billion, up 28% from last year.

Excluding the acquisitions of Weebly and Zesty, which were acquired in the second quarter of 2018, total net revenue and Adjusted Revenue grew 47% and 53% year over year, respectively.

Square said it had over 15 million monthly users of its Cash app, which is double the previous year.

Transaction-based revenue was $668 million in the fourth quarter of 2018, up 27% year over year, and transaction-based profit was $247 million,
up 29% year over year. For the full year of 2018, transaction-based revenue was $2.5 billion, up 29% year over year, and transaction-based profit was $913 million, up 32% year over year.

Subscription and services-based revenue was $194 million in the fourth quarter of 2018, up 144% year over year, and $592 million for the full year of 2018, up 134% year over year. Subscription and services-based revenue excluding the acquisitions of Weebly and Zesty was $168 million in the fourth quarter of 2018, up 112% year over year, and $528 million in the full year of 2018, up 109% year over year.

Shares in Square have been hot over the past year, but dropped on the earnings news on fears of slowing growth.