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Square CFO: 'We Have Executed Beyond Our Expectations'

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Square Inc (NYSE: SQ) investors appear to be satisfied with the company's third quarter results based on the stock's more than 4 percent gain on Wednesday.

Speaking to CNBC following Square's results, the company's Chief Financial Officer Sarah Friar boasted about its successful quarter.

She noted that the company "executed beyond our expectations," including another quarter of exceeding analysts expectations and boosting its guidance. She added that the company is also "particularly pleased" with a 51 percent year-over growth in adjusted revenue.

Square Capital & Hardware

Square Capital, the company's small business loan and financing arm, is going from "strength to strength" and has lent $1 billion over the past two years is a huge accomplishment for a business that is essentially starting from scratch.

She said Square has taken on a partner so it can better target customers who aren't already part of Square's ecosystem. This is just one venue of available growth, but the executive believes the majority of revenue will come from merchants who are part of Square's ecosystem.

Commenting on Credit Suisse's upgrade of Square which was based on a positive look of its hardware business, Friar said that selling hardware is important because it is a venue to bring partners into the whole ecosystem by offering the best possible technology, including the ability to access wireless payment methods such as Apple Pay and Android Pay.

"It's about staying a foot forward from a technology standpoint and foot forward from an ease of use standpoint," the executive concluded.

Posted-In: CNBC Sarah Friar Square Square Capital Square EarningsEarnings News Media

 

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