SAN FRANCISCO (AP) _ Square Inc. (SQ) on Wednesday reported fourth-quarter net income of $390.9 million, after reporting a loss in the same period a year earlier.
On a per-share basis, the San Francisco-based company said it had profit of 83 cents. Earnings, adjusted for one-time gains and costs, came to 23 cents per share.
The results surpassed Wall Street expectations. The average estimate of 11 analysts surveyed by Zacks Investment Research was for earnings of 20 cents per share.
The mobile payments services provider posted revenue of $1.31 billion in the period, also beating Street forecasts. Eight analysts surveyed by Zacks expected $1.19 billion.
For the year, the company reported net income of $375.4 million, or 77 cents per share, swinging to a profit in the period. Revenue was reported as $4.71 billion.
For the current quarter ending in April, Square expects its per-share earnings to range from 16 cents to 18 cents.
The company said it expects revenue in the range of $1.34 billion to $1.36 billion for the fiscal first quarter.
Square expects full-year earnings in the range of 90 cents to 94 cents per share, with revenue ranging from $5.9 billion to $5.96 billion.
Square shares have risen 23% since the beginning of the year. In the final minutes of trading on Wednesday, shares hit $76.66, a fall of roughly 2% in the last 12 months.