November 7, 2018 / 9:21 PM / a month ago

Square swings to quarterly profit

Nov 7 (Reuters) - Jack Dorsey-led Square Inc swung to a quarterly profit from a loss a year ago, it said on Wednesday, as it earned more from processing transactions and from its subscription and services business.

The digital payments company's net income was $19.6 million, or 4 cents per share, in the third quarter ended Sept. 30, compared with a loss of $16.1 million, or 4 cents per share, a year earlier. bit.ly/2ASqFIY

On an adjusted basis, the company earned 13 cents per share.

Analysts on average had expected a profit of 11 cents per share, according to IBES data from Refinitiv. It was not immediately clear if the numbers were comparable. (Reporting By Aparajita Saxena in Bengaluru; Editing by Maju Samuel)

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