Square Earnings Show It Can Grow Beyond Just Mobile Payments
- Larger merchants becoming greater share of customer base
- First report after IPO shows growth in all categories
This article is for subscribers only.
Square Inc. is showing some early signs of success in expanding its business beyond just selling mobile credit-card readers to food trucks and dog walkers.
Chief Executive Officer Jack Dorsey -- who also runs Twitter Inc. -- has been pushing to get small businesses to use Square’s add-on services for managing inventory, securing cash advances and analyzing sales data. Bigger merchants are also signing up, the company said in its first earnings report as a public company. The shares climbed after fourth-quarter sales rose 49 percent to $374 million, beating analysts’ average estimate of $345 million, according to data compiled by Bloomberg.