Square (SQ) Stock Gains on Q3 Beat, Outlook

NEW YORK (TheStreet) -- Shares of Square  (SQ) were advancing in after-hours trading on Tuesday after reporting better-than-expected results for the 2016 third quarter and lifting its full-year guidance. 

After the market close, the San Francisco-based payments processing company reported a loss of 9 cents per share, narrower than analysts' projections for a loss of 11 cents per share. 

Revenue rose 32% year-over-year to $439 million and beat estimates of $431 million.

Gross payment volume, or how much money Square processed in transactions, increased 39% to $13.2 billion. Analysts were anticipating $12.7 billion.

For the full year, Square now expects to report revenue between $1.695 billion and $1.700 billion, up from between $1.630 billion and $1.670 billion. Adjusted EBITDA is now expected to range between $31 million and $33 million, up from between $18 million and $24 million.

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