Among the CEOs in today's tech industry, Jack Dorsey stands apart from the rest. Unlike other chief executives, Dorsey is currently managing two companies that he started, social media giant Twitter and mobile-payments firm Square. Though the two companies have been in rocky straits lately, it seems like Square is currently giving Dorsey a much easier time than its social media counterpart.
In the company's first earnings report since going public last year, Square posted a pretty impressive $374 million in revenue during the fourth quarter of 2015. The figure is a full 49.2 percent higher than its figures from the previous year.
With the company's revenue, Square was able to beat analysts' expectations, which predicted that the mobile-payments company would earn about $343.2 million. The company's forecast adjusted revenue for the current year has also been set at $600 to $620 million, far beyond the $452 million that the firm reported in 2015.
Due to the encouraging results of the company's report, shares of the mobile-payments firm rallied on Wednesday, at one point reaching as high as $12.44 before ending the day's trading at $12.01. The surge in the company's shares is quite notable, especially since Square's stocks have taken quite a beating since it went public last year, at one point even reaching as low as $8.06 per share back in February.
Since then, however, the company's stocks have rallied, culminating in Wednesday's impressive performance. By closing the day at the $12.01 level, the firm is just a few steps away from its record close of $13.07, which was achieved when the company first went public.
Chief executive Jack Dorsey, who is dealing with a notably bigger challenge with Twitter, has expressed his optimism about Square's current earnings.
"Our results show we are executing on what we set out to do: grow our core payments business and extend into other services that deepen our relationships with our sellers," he said.
Dorsey founded Square back in 2009 after he left Twitter. Since then, he was able to steadily build up Square as Twitter's profitability waned. Last year, he assumed his previous role as CEO of Twitter, while keeping his role was CEO of Square as well. Though the challenges are very notable, Dorsey has so far shown a pretty good knack for juggling the two companies.
"I can split my time and be present at both companies every single day. It's not something I stress out about," Dorsey said.
