FSMNews

The payment-tech extraordinaire, Square, is looking to prove that 2017 is their year after a hefty slump from almost a year ago. Now, the company is looking to swim in the debit card pool as CEO Jack Dorsey teased the public with the product somewhere last month. The mobile payment company is looking to trample the market with its latest innovation and outstanding performance.

Recently, Square published its quarter report which posted estimate beats from all corners. CEO Jack Dorsey also manages to prove that he can go beyond the social media realms, proving that he can well handle both Twitter and Square while providing a stellar performance from both companies.

FSMNews

Square Q1 17

The most recognizable improvement the Square had in its first quarter this year was with its revenue, according to its report; the company garnered $461.6 million versus the expected $450.7 million. One more thing they did well in managing their loss per share; they managed to shed 4 cents as opposed to its 8 cents forecasted for the quarter. Lastly, gross payment volume was at $13.64 billion and was just around on most consensuses from analysts.

Adjusted earnings per share were at 16 cents to 20 cents as opposed to the previous outlook of 15 cents to 19 cents; adjusted revenue for 2017 was at $890 million to $910 million versus the previous outlook of $880 million to $900 million. Transaction-based revenue also manages to stay ahead of its forecasts of $399.9 million to $403.5 million; subscription and services-based revenue were also up from the estimated $41.3 million to $49.1 million.

FSMNews

Square Launches in the UK

The payment company also managed to open its services and subscription in the UK last March, statistics shows the 70% of the shoppers are more likely to pay with a card than cash. Even with the positive data, Square is still speculating on having half of the small business to feature card payments. While just last month, the company haggled Yik Yak employees after the social network closed.

Square’s Own Debit Card?

The potential debit card from Square has been teased by CEO Jack Dorsey for the last couple of months, but recent news revealed that the project is not an actual debit card that is directly like to a personal bank account, but a prepaid card that can be connected with your Square Cash app. This means that the card owners can use and spend money that is currently listed in you Square Cash account.

FSMNews

Square’s Yearly Growth

The company manages to provide a great first quarter, but it also manages to have a marvelous growth from the past couple of years. Currently, Square is sitting at a splendid year-over-year growth of 33% increase in payment volume to $13.64 billion. The revenue is at 22% increase as opposed to last year, the recent come ups also manage to cover up last year’s $97 million loss in its first-quarter. 

Follow FSM News for your round-the-clock market update! We provide you with the latest news surrounding Forex, commodities, automobile, consumer, financial, economy, and technology. Never miss any news beat! Subscribe now!