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Q2 total net revenue was down 6% year-over-year, and, excluding bitcoin revenue, total net revenue was up 34% year-over-year to $2.62 billion. Excluding bitcoin revenue and revenue from the buy-now-pay-later (BNPL) platform, total net revenue was up 23% year-over-year to $2.41 billion.
Square revenue grew 32% year-over-year to $1.73 billion. On a three-year CAGR basis, Square revenue grew 26%. Cash App revenue declined 21% year-over-year to $2.62 billion. On a three-year CAGR basis, Cash App revenue grew 116%. Excluding bitcoin and the BNPL platform, Cash App revenue grew 21% year-over-year to $732 million.
Transaction-based revenue was up 20% year-over-year to $1.48 billion. Subscription and services-based revenue was up 60% year-over-year to $1.09 billion.
For Q3/22, the company believes three-year compound annual growth rates from 2019 through 2022 will help reflect underlying trends in each ecosystem, given the variability in year-over-year and two-year CAGR comparisons due to COVID-19.
For the month of July, Square GPV is expected to be up 18% year-over-year. On a three-year CAGR basis, GPV growth is expected to be 23% in July.
For the month of July, Cash App gross profit, excluding the BNPL platform, is expected to grow on a year-over-year and three-year CAGR basis, driven by growth in monthly transacting actives, engagement across the company’s ecosystem, and inflows into Cash App.
By Davit Kirakosyan
