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Here’s Why Square Stock Jumped This Afternoon

February 22, 2017

Twitter Co-Founder Jack DorseyTwitter Co-Founder Jack Dorsey
Square, a credit card reader made for smartphones, is plugged into an Apple Inc. iPhone for a photograph in New York, U.S., on Monday, Oct. 25, 2010.Photograph by Jin Lee—Bloomberg via Getty Images

Square, the mobile payments company co-founded and run by Twitter Chief Executive Jack Dorsey, reported a 20.7% jump in quarterly revenue as it processed more payments.

Net loss attributable to common stockholders narrowed to $15.17 million, or four cents per share, in the fourth quarter ended Dec. 31, from $80.5 million, or 34 cents per share, a year earlier.

Square’s net revenue rose to $451.9 million from $374.4 million.

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The company facilitates payments between businesses and customers by using a credit card reader that turns any mobile phone into a payment terminal.

The company’s shares (SQ) were up 5% in after-market trading on Wednesday.