(Corrects paragraph 9 to remove reference to adjusted loss of 5
May 3 Square Inc, the payments company
co-founded by Twitter Inc Chief Executive Jack Dorsey,
reported a smaller-than-expected quarterly loss on Wednesday, as
customers processed more transactions through its network and
The company's gross payment volume - the total dollar amount
of all card payments processed by sellers - jumped 33 percent to
The San Francisco-based company's shares were up 5 percent
at $19.14 in after-hours trading.
Square facilitates payments between businesses and customers
by using a credit card reader that turns any cellphone into a
The company, which started as a pure payment processor, is
also expanding into new areas, offering a host of services that
include lending unit Square Capital, food ordering service
Caviar and peer-to-peer payment service Square Cash.
Square also made its foray in the UK by launching its
services in March. Outside the United States, it operates in
Canada, Japan and Australia.
Square also raised its 2017 total revenue forecast to $2.12
billion-$2.16 billion from $2.09 billion-$2.15 billion.
The company said net loss narrowed to $15.1 million, or 4
cents per share, in the first quarter ended March 31, from $96.8
million, or 29 cents per share, a year earlier. (bit.ly/2pIUjea)
Analysts, on an average, expected a loss of 8 cents per
share, according to Thomson Reuters I/B/E/S.
Operating expenses fell about 10 percent to $187.51 million.
Net revenue jumped 21.7 percent to $461.55 million, beating
estimates of $450.7 million.
Shares of Square, which went public in November 2015, had
risen 34 percent this year through Wednesday's close.
(Reporting by Sruthi Shankar in Bengaluru; Editing by Sai
Sachin Ravikumar and Martina D'Couto)