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Square Beats Expectations In First Earnings Report Since IPO

Square Beats Expectations In First Earnings Report Since IPO

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.MB