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Square’s Sales Gains Give Shares a Lift

November 1, 2016, 8:17 PM UTC
Square Inc. Begins Trading On The NYSE Following IPO
Jack Dorsey, chief executive officer of Square Inc., listens during an interview on the floor of the New York Stock Exchange (NYSE) in New York, U.S., on Thursday, Nov. 19, 2015. Square Inc. jumped more than 60 percent after the mobile payments company priced its initial public offering low enough to entice skeptics as well as bulls who are confident in its growth prospects. Photographer: Yana Paskova/Bloomberg via Getty Images
Photograph by Yana Paskova — Bloomberg via Getty Images

Square, the mobile payments company co-founded and run by Twitter CEO Jack Dorsey, reported a 32.2% jump in quarterly revenue as it processed more transactions.

Square’s net revenue rose to $439 million in the third quarter ended Sept. 30 from $332.2 million a year earlier.

Net loss attributable to common stockholders narrowed to $32.3 million, or 9 cents per share, from $53.9 million, or 35 cents per share.

Square, which went public in November last year, facilitates payments between businesses and customers by using a credit card reader that turns any mobile phone into a payment terminal.

The company also offers services for businesses such as point-of-sale registers, invoice software and loans.

Squares shares rose 2.5% in after-hours trading on Tuesday to $11.34.