SAN FRANCISCO (AP) _ Square Inc. (SQ) on Thursday reported first-quarter net income of $39 million, after reporting a loss in the same period a year earlier.
The San Francisco-based company said it had profit of 8 cents per share. Earnings, adjusted for stock option expense and non-recurring costs, came to 41 cents per share.
The results exceeded Wall Street expectations. The average estimate of 14 analysts surveyed by Zacks Investment Research was for earnings of 16 cents per share.
The mobile payments services provider posted revenue of $5.06 billion in the period, which also topped Street forecasts. Eleven analysts surveyed by Zacks expected $3.4 billion.
Square shares have risen nearly 3% since the beginning of the year. In the final minutes of trading on Thursday, shares hit $223.96, more than tripling in the last 12 months.
This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on SQ at https://www.zacks.com/ap/SQ
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