The payments company said it will continue to reinvest in its business, focusing on revenue growth over profit expansion.
“Given the significant market opportunity ahead of us, we will continue to reinvest in our business to drive future growth,” it said in a statement.
Gross payment volume grew 31 percent to $17.8 billion for the quarter. That’s consistent with the growth rate seen in the fourth quarter.
Square continued to see momentum among the larger seller segment, or those who sell more than $125,000 through Square. Larger sellers accounted for 47 percent of total users, up from 42 percent last year. Revenue from larger sellers also jumped 47 percent from the previous year.
The company also disclosed that it generated $200,000 from bitcoin. Square launched a new bitcoin transaction service through its Cash App in January.
Square shares fell 6.4 percent to $45.55 after the report. As of Wednesday’s close, the stock was up 159 percent over the past 12 months.