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acceleration, administered, administrator, advancing, aforementioned, allocated, allocating, assemble, attributed, AU, audio, award, book, CJEU, clarify, closed, committee, connector, consecutive, consideration, cumulative, customization, Daylight, deducted, designated, designing, deteriorate, deteriorated, discounted, diversity, documentation, Eastern, element, entitled, equally, equivalent, evenly, exercised, exhaustion, experiencing, expire, fabricate, file, finalize, FinCEN, forfeited, forgiven, Geographical, granted, hedged, HIPAA, identifiable, inclusion, indexed, interoperability, interoperation, IRA, lapse, layer, lifetime, Lightning, Louisiana, magnetic, manager, manufacturer, mark, method, methodology, nonprepayable, nonstatutory, operationalize, pandemic, PCD, permitting, plastic, plug, PPP, preemptive, prohibited, prospectively, recognizing, redeemed, redemption, relation, relief, reserved, resilient, reversal, SBA, scheme, served, sinking, SONIA, Spiral, successive, successor, supplier, television, test, Topic, troubled, underwriting, unexercised, unit, upward, vested, vesting, vintage, virtual, weighted, withholding, workplace
Financial report summary
?Competition
NCR Voyix • Lesaka • Global Payments • Verifone Systems • Mobivity • Worldpay • Wix.com • Synchrony Financial • Clic Technology • FarfetchManagement Discussion
- Total net revenue for the three months ended March 31, 2024 increased by $967.0 million, or 19%, compared to the three months ended March 31, 2023. Bitcoin revenue increased by $567.4 million for the three months ended March 31, 2024 compared to the three months ended March 31, 2023. Excluding bitcoin revenue, total net revenue increased by $399.6 million, or 14%, in the three months ended March 31, 2024 compared to the three months ended March 31, 2023.
- Transaction-based revenue for the three months ended March 31, 2024 increased by $88.5 million, or 6%, compared to the three months ended March 31, 2023, driven primarily by growth in Gross Payment Volume ("GPV"), which grew by 6% in the same period. The growth in Square GPV was driven by improvements in both card-present and card-not-present volumes as a result of growth from in-person and online channels, as well as growth in our international markets. See below in Key Operating Metrics and Non-GAAP Financial Measures for further discussion of GPV.
- Subscription and services-based revenue for the three months ended March 31, 2024 increased by $316.1 million, or 23%, compared to the three months ended March 31, 2023. This increase was primarily due to growth in Cash App's financial service-related products, including Cash App Card, BNPL platform, and Cash App Borrow, as well as revenue from Square banking products, which primarily include Square Loans, Instant Transfer, and Square Debit Card. Revenue generated from the BNPL platform was $283.5 million and $223.7 million for the three months ended March 31, 2024 and March 31, 2023, respectively.