Jack Dorsey, chief executive officer of Square and Twitter.
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By Reuters
August 2, 2017

Square, the payments company co-founded by Twitter CEO Jack Dorsey, reported a better-than-expected 26% jump in quarterly revenue, as customers processed more transactions through its technology.

The company, which also raised the low end its full-year revenue forecast, said gross payment volume – the total dollar amount of all card payments processed by sellers – jumped 33% to $16.4 billion in the second quarter.

Shares of the San Francisco-based company rose 1.5% to $26.82 in after-market trading on Wednesday.

Square facilitates payments between businesses and customers by using a credit card reader that turns any cellphone into a payment terminal.

Square raised the low end of its full-year revenue guidance to $2.14 billion from $2.12 billion, keeping the top end unchanged at $2.16 billion.

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The company, which made its foray into the UK in March, said transaction revenue rose 32% to $482.07 million, while subscription and services-based revenue almost doubled to $59.15 million in the quarter.

Net loss narrowed to $15.96 million, or 4 cents per share, in the quarter ended June 30, from $27.35 million, or 8 cents per share, a year earlier.

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Net revenue rose to $551.51 million from $364.86 million.

Analysts on average had expected a loss of 5 cents per share on revenue of $536.27 million, according to Thomson Reuters I/B/E/S.

Shares of Square have risen 94% so far this year.

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