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dorsey-led square beats street, raises full-year forecasts
Square Inc. Mobile payments. SQ. N)posted better-than-expected third-
Quarterly results and improved overall
As more and more businesses are using their technology to handle transactions, annual profit and revenue forecasts.
By Twitter (TWTR. N)
Chief executive Jack Dorsey now expects
24-year profit adjustment
25 cents a share for $2.
Between $18 billion and $2. 19 billion.
Previously expected adjusted profit of 21-
23 cents a share, earning $2.
Between $14 billion and $2. 16 billion.
The company\'s shares initially rose in long-term trading and then reversed the downward trend. 5 percent.
The stock has soared 169% this year by Wednesday\'s close.
Square\'s flagship technology includes a credit card reader that turns any phone into a payment terminal.
It is becoming more and more popular as it allows smaller merchants to process credit card transactions without a cash register or an expensive system.
The company, which went public in 2015, has been seeking to diversify revenue sources by attracting larger merchants and providing more diverse services to customers, from loans to payment cards.
Square\'s total payments-the total amount of $ paid by all credit cards processed by the seller-rose 31% to $17.
As of 39 billion this quarter. 30.
Payments from large merchants, or merchants handling more than $500,000 a year, increased by 64%.
The company\'s losses narrowed to $16.
From $32 to $1 million, 4 cents a share.
$3 million a year ago. (squ. re/2AlRpyb)
Square posted adjusted earnings of seven cents a share, while its adjusted earnings rose 45% to $0. 257 billion in the quarter.
According to Thomson Reuters I/B/E/S, analysts expect an average earnings per share of 5 cents and revenue of $0. 245 billion.