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Square Narrows Its Losses as It Processes More Transactions

August 3, 2016, 8:24 PM UTC
Square Inc. Begins Trading On The NYSE Following IPO
MANHATTAN, NY NOVEMBER 19, 2015: Jack Dorsey (second from right,) CEO of Square and Twitter, mingles on the floor of the New York Stock Exchange during the release of the Square Inc. initial public offering, in Manhattan, New York on November 19, 2015. Yana Paskova/Bloomberg via Getty Images
Bloomberg Bloomberg via Getty Images

Square, the mobile payments company co-founded and run by Twitter Chief Executive Jack Dorsey, reported a 41.5% jump in quarterly revenue as more transactions were processed through the company’s network.

The company’s (SQ) net revenue rose to $438.5 million in the second quarter ended June 30, from $310.0 million a year earlier.

The net loss narrowed to $27.3 million from $29.6 million.

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On a per share basis, Square lost eight cents.

For more about Jack Dorsey’s dual roles at Twitter and Square, watch:

Square, which went public in November, facilitates payments between businesses and customers with a credit card reader that turns any mobile phone into a payment terminal. The company also makes point-of-sale registers and chip-enabled card readers.