Why Shares of Square Jumped 24.5% in May
Shares of payment processor Square (NYSE: SQ) jumped 24.5% in May, according to data provided by S&P Global Market Intelligence, as investors bet on an economic recovery. In the first week of trading in June, shares were up another 10.9%.
The biggest news coming from Square was its first-quarter earnings report, released early in May. The company reported a 44% increase in total revenue to $1.38 billion and adjusted EBITDA of $9 million, down 85% from a year ago. But the company's growth was impressive given that businesses were starting to shut down toward the end of the quarter and Square offered discounts for some services.
A Square system on a store counter. Image source: Square.
Source Fool.com
