Square, Inc. (NYSE: SQ) reported second-quarter financial results after the markets closed on Wednesday. The mobile-payments company posted incredible results for the quarter and shareholders were quick to applaud these numbers, initially sending the stock up over 10% in the after-hours. This should certainly help turn the tide on the 20% loss that this company has seen thus far in 2016.

The company said that it had a net loss of $0.08 per share on $439 million in revenue. The consensus estimates from Thomson Reuters called for a net loss of $0.11 per share on $405.7 million in revenue. The same period from the previous year had $0.20 in EPS on $310 million in revenue.

Gross Payment Volume (GPV) for the second quarter was $12.5 billion, up 42% year over year. New seller growth made up the majority of the GPV increase, while positive dollar-based retention from existing sellers also had a meaningful impact. At the same time, transaction revenue as a percentage of GPV was 2.93%.

Adjusted revenue totaled $171 million, up 54% from last year, also exceeding the high end of previously issued guidance. Starbucks transaction revenue totaled $32.87 million.

In terms of segment GPV growth (over the past 12 months) the company reported:

• Retail GPV grew by 21%.
• Food Related GPV grew by 18%.
• Services GPV grew by 16%.
• Contractors, Repair, and Leisure GPV grew by 13%.
• Health and Beauty GPV grew by 11%.
• Individuals and Other GPV grew by 7%.
• Health Services GPV grew by 7%.
• Charities and Education GPV grew by 4%.
• Transportation GPV grew by 3%.

In terms of guidance for the third quarter, Square expects to have revenues in the range of $410 million to $420 million, with adjusted revenue in the range of $167 million to $171 million. There are consensus estimates calling for a net loss of $0.10 per share on $415 million in revenue for the third quarter.

Jack Dorsey, CEO, and Sarah Friar, CFO, detailed in the earnings report:

In the second quarter, we continued to innovate, launching several new products including Scheduled Invoices, Recurring Invoices, and Card on File, which allows a seller to save a buyer’s card for future billing… As of the second quarter, 140,000 active sellers use Invoices, representing 122% growth since the second quarter of 2015. Additionally, we have reached $2.3 billion of cumulative GPV from Invoices since the product launched in June 2014, with $542 million processed in the second quarter of 2016.

On the books, cash, cash equivalents, and short-term investments totaled $403.4 million at the end of the quarter, versus $470.8 million at the end of 2015.

Shares of Square closed Wednesday up nearly 4% at $10.44, with a consensus analyst price target of $12.25 and a 52-week trading range of $8.06 to $15.91. Following the release of the earnings report, the stock was trading up 9% at $11.39 in Wednesday’s after-hours trading session.

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