Mobile payments processing firm Square on Wednesday reported its first quarterly earnings since becoming a public company in November -- and as far as revenue goes, the results were way better than expected.
The San Francisco-based company reported a Q4 net loss of $6 million, or 34 cents a share (statement).
Non-GAAP losses narrowed to 20 cents a share on revenue of $374 million.
Wall Street was expecting a loss of 13 cents a share on revenue of $343.22 million.
For the full year of 2015, Square reported a net loss of $41 million, or $1.24 a share.
Square's shares climbed nearly five percent in after hours trading.
Revenue from its software and data products, including its lending service Square Capital, more than tripled to $22 million compared to the same period of last year. Square says it has advanced nearly $150 million to sellers via Square Capital in Q4 alone, with over $400 million advanced throughout 2015.
The company's gross payment volume was another big win for the quarter, coming in at $10.2 billion, an increase of 47 percent from the fourth quarter of 2014. For the full year of 2015, GPV totaled $35.6 billion, a 50 percent increase from two years ago.
Hardware revenue for the quarter climbed 215 percent to $6 million, due in large part to the launch of its contactless and chip reader, which began shipping in December.
Square says it received more than 350,000 pre-orders for our its new readers through the end of Q4.
As the company winds down its relationship with Starbucks, Square says it has lost $47.08 million through its partnership this quarter and $142.3 million in 2015. This numbers are slightly less than the $150.96 million Square revealed the Starbucks deal cost them in 2014.
Looking ahead, Square expects Q1 revenue in the range of $132 million to $137 million.