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Square’s Sales Gains Give Shares a Lift

November 1, 2016

Square Inc. Begins Trading On The NYSE Following IPOSquare Inc. Begins Trading On The NYSE Following IPO
Jack Dorsey, CEO of Square and TwitterPhotograph 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.