Square ups FY guidance on improved Q3

Mobile card reader and payment processing company Square said third quarter results came in above guidance and that it has raised its expectations for the full year. Net revenue lifted 32 percent year-on-year to USD 439 million, with adjusted revenue up 51 percent to USD 178 million. Square’s gross payment volume improved 39 percent to USD 13.2 billion with the net loss narrowing to USD 32 million from a loss the year earlier of 54 million and the adjusted EBITDA rising by USD 27 million to USD 12 million. Square now expects total net revenues of USD 1.695-1.700 billion from its previous guidance of 1.630-1.670 billion, adjusted revenues of USD 677-680 million from 655-670 million, and adjusted EBITDA of USD 31-33 million from  18-24 million. Telecompaper Reported

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