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Yahoo Finance's Jared Blikre joined Yahoo Finance Live to break down Square's earnings report.
JARED BLIKRE: Now we got to get to Square because Square is up about 1 and 1/2% in after hours trading. They had net revenue for the first quarter of $3.16 billion. And that's versus $1.38 billion year over year. And $3.37 billion was expected. So that was actually a miss. Nevertheless, stocks trading up slightly right now. Transaction services revenue came in at $960 million. The estimate was for $872 and 1/2 million.
And finally, a couple more notes here, subscription and service-based revenue, that came in at $557.7 million, up 88% year over year. Estimate was for lower at $495 million. And finally, here is another one-- gross payment volume, 33.1 billion. That's up 29% year over year. Estimate was for much lower, 28.96 billion. So I think all those metrics combined are propelling the stock higher. We're going to have to wait for the conference call. But in the meantime, investors shrugging off that revenue number.