square Beats Expectations In First cash record considering that IPO

In its first salary document in view that going public in November, Jack Dorsey’s different company squarely beat expectations.

square, the San Francisco-based totally payment processor run with the aid of Twitter cofounder and CEO Dorsey, solidly beat expectations on Wednesday afternoon, reporting sales of $374 million, up forty nine.2% from $251 million in the yr-previous quarter.

additionally it is vastly growing the quantity of transactions it handles in total bucks, which at $10.2 billion used to be up forty seven%. earnings from its cash-advancing carrier, square Capital, and different information products greater than tripled to $22 million 12 months-over-year.

the company, which has had a tough run as a public company within the four months considering the fact that its IPO, nonetheless doesn’t make a profit with an working loss of $forty seven.8 million. And its running expenses grew fifty two% to $157 million.

In after-hours trading, square shares rose as much as 5%, neatly above its IPO value of 12%, reviews TechCrunch.