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Square Beats Expectations In First Earnings Report Since IPO

Square has had a bumpy ride since going public amid questions about Jack Dorsey's leadership, but today was a good day.

Square Beats Expectations In First Earnings Report Since IPO
[Photo: courtesy of Square]

In its first earnings report since going public in November, Jack Dorsey's other company squarely beat expectations.

Square, the San Francisco-based payment processor run by Twitter cofounder and CEO Dorsey, solidly beat expectations on Wednesday afternoon, reporting sales of $374 million, up 49.2% from $251 million in the year-earlier quarter.

It's also vastly increasing the volume of transactions it handles in total dollars, which at $10.2 billion was up 47%. Revenue from its cash-advancing service, Square Capital, and other data products more than tripled to $22 million year-over-year.

The company, which has had a tough run as a public company in the four months since its IPO, still doesn't make a profit with an operating loss of $47.8 million. And its operating expenses grew 52% to $157 million.

In after-hours trading, Square shares rose as much as 5%, well above its IPO price of 12%, reports TechCrunch.