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Payments processor Square posts quarterly profit compared to year-ago loss – Source Reuters Tech News

FILE PHOTO: An advertisement for the Square Inc payment processor is seen outside a vendors site along the High Line in New York March 9, 2016. REUTERS/Shannon Stapleton

(Reuters) – Payments processor Square Inc on Wednesday reported quarterly profit compared with a loss a year earlier, boosted by growth in its subscription and services business.

The company posted a profit of $390.9 million, or 83 cents per share, in the fourth quarter ended Dec. 31 compared with a loss of $28.2 million, or 7 cents per share, a year earlier. ( Total net revenue rose to $1.31 billion from $932.5 million.

Reporting by Bharath Manjesh in Bengaluru; Editing by Arun Koyyur

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