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Square Surges to Record on Optimism for New Services

  • Company lifts forecasts after bigger merchants sign up
  • Revenue rose 39 percent to $204 million in first quarter
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Square CFO Friar on Expansion and Payments Landscape

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Square Inc. shares jumped to a record after reporting results that beat analysts’ expectations, impressing investors with its ability to woo bigger sellers and offer newer software products that help merchants manage their businesses.

Revenue in the first quarter rose 39 percent as more businesses signed on for payments processing, loans and software to help manage inventory. Square raised full-year sales and profit forecasts, sending the stock up as much as 12 percent to $20.42, a new intraday high. The shares have more than doubled from a record low in June.