Shares of Square Inc (NYSE: SQ) jumped as much as 11.7% today after the payment company reported first-quarter earnings. As of 2:21 p.m. EDT, the stock had settled to an 8.5% gain.
Gross payment revenue increased 33% from a year ago to $13.6 billion, and net revenue jumped 22% to $462 million, beating consensus estimates. Square still lost $15 million in net income, but adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) of $27 million was the fourth straight quarter of positive EBITDA, and a good result in a seasonally weak period.