Square's Stock Jumps After Q1 Results Beat Expectations, Outlook Raised

By Tomi KilgoreMarketsMarketWatch Pulse

Shares of Square Inc. surged 5.7% in after-hours trade Wednesday, after the credit card payment processing company's first quarter results beat expectations, and the company raised its full-year outlook. The net loss narrowed to $15.1 million, or 4 cents a share, from $96.8 million, or 29 cents a share, in the same period a year ago. The FactSet consensus was for a per-share loss of 8 cents. Total revenue rose 22% to $461.6 million, above the FactSet consensus of $451.5 million, while adjusted revenue jumped 39% to $204 million, to beat expectations of $193 million. The company raised its 2017 adjusted revenue outlook to $890 million to $910 million from $880 million to $900 million, and lifted its adjusted EPS outlook to 16 cents to 20 cents from 15 cents to 19 cents. The stock has soared 34% year to date through Wednesday, while the S&P 500 has gained 6.7%.

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