Square recorded a 32 per cent year-on-year rise in transaction value for its mobile point of sale equipment, processing $16.4 billion in the three months to end-June.
The company attributed the growth to an increasing number of larger businesses using its technology, which was initially targeted at small and medium sized merchants. Revenue made on these transactions also increased 32 per cent to $482 million.
Square’s net loss for the quarter – which encompasses the point of sale terminal business and other activities, including investments – was $16 million. This was an improvement on the $27 million loss recorded in the same period of 2016.
The company launched in 2010, supplying a range of e-commerce and mobile merchant services. Its co-founder and CEO is Jack Dorsey (pictured), who also leads social media platform Twitter.
In its investor report, Square highlighted the need to keep pace with new technologies as they develop: “We expect that new services and technologies applicable to the industries in which we operate will continue to emerge and evolve.”
“Rapid and significant technological changes continue to confront the industries in which we operate, including developments in e-commerce, mobile commerce, and proximity payment devices (including contactless payments via NFC technology).”