By Kimberly Chin

Square Inc. swings to a profit in the fiscal fourth quarter as sales jumped 41% from a year earlier.

The payment company reported net income of $390.9 million, or 83 cents a share, compared with a net loss of $28 million, or 7 cents a share, reported in the same quarter a year ago. Adjusted earnings were 23 cents a share. Analysts polled by FactSet expected adjusted earnings of 21 cents a share.

However, costs of revenue rose 42% and operating expenses increased 33%.

Total net revenue for the quarter rose to $1.31 billion from $932.5 million a year earlier.

Shares of Square climbed 7.7% to $82.46 in after-hours trading.

Write to Kimberly Chin at kimberly.chin@wsj.com

(END) Dow Jones Newswires

February 26, 2020 17:22 ET (22:22 GMT)

Copyright (c) 2020 Dow Jones & Company, Inc.
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