Square Edges Up After Second-quarter Results Beat Expectations, Outlook Raised

Shares of Square Inc. edged up 0.7% in after-hours trading Wednesday, on the digital cash register and financial services firm's second quarter results, which beat expectations. The company raised its guidance for the full year. Net loss narrowed to $16 million, or four cents a share, compared with $27.3 million or 8 cent loss a share, in the year-earlier quarter. The FactSet consensus was for a per-share-loss of five cents. Total revenue rose 26% to $552 million. Adjusted revenue rose 41% to $240 million, above the FactSet consensus of $228.8 million. Square executives forecast revenue of $223 million to $226 million. The company raised its 2017 adjusted revenue outlook to $925 million to $935 million from $890 million to $910 million, and revised its adjusted earnings per share outlook to 21 cents to 23 cents, from 16 cents to 20 cents. The stock has surged 94% year to date through Wednesday, while the S&P 500 has gained 11%.

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