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Square Surges on Fourth-Quarter Earnings Beat

The payments processing company also offered upbeat guidance.
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Payments processor Square  (SQ) - Get Square, Inc. Class A Report topped analyst estimates for fourth-quarter earnings after the bell on Wednesday.

The company posted adjusted net income of 23 cents per diluted share for the quarter. Analysts had been forecasting 21 cents a share.

In the same period a year ago the company posted earnings of 14 cents a share on adjusted revenue of $464.3 million. It no longer reports adjusted revenue figures, according to its shareholder letter.

Square offered guidance of adjusted earnings of 16 cents to 18 cents a share for the first quarter and 90 cents to 94 cents for the full year.

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“Our guidance for the full year of 2020 reflects strong revenue and gross profit growth,” CEO Jack Dorsey and CFO Amrita Ahuja said in the letter.

Shares of Square rose $6.12, or 8%, to $82.71 in after-hours trading.