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Square Narrows Its Losses as It Processes More Transactions

Jack Dorsey (second from right), CEO of Square and Twitter, mingles on the floor of the New York Stock Exchange during the release of the Square IPO on November 19, 2015.

Square, the mobile payments company co-founded and run by Twitter Chief Executive Jack Dorsey, reported a 41.5% jump in quarterly revenue as more transactions were processed through the company’s network.

The company’s sq net revenue rose to $438.5 million in the second quarter ended June 30, from $310.0 million a year earlier.

The net loss narrowed to $27.3 million from $29.6 million.

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On a per share basis, Square lost eight cents.

For more about Jack Dorsey’s dual roles at Twitter and Square, watch:

Square, which went public in November, facilitates payments between businesses and customers with a credit card reader that turns any mobile phone into a payment terminal. The company also makes point-of-sale registers and chip-enabled card readers.

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