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Square: High Expectations Overshadow Earnings

Larger merchants continue to be a big growth driver for Square, which saw 64% growth in its payment volumes from what it calls “midmarket sellers” -- those who do more than $500,000 in sales annually. That Overall volume grew 31%, to $17.4 billion.

Attracting more sizable merchants remains a priority for the company, which recently debuted its Square Register, a sleek payments terminal that’s designed to serve bigger businesses.

International performance was also strong, with the business growing 48% during the most recent quarter. The company’s card readers now accept contactless payments in Canada, which was the “number one request from Canadian sellers,” according to CFO Sarah Friar, who fielded media questions after the results. In the U.K., the company is focused on building brand recognition among sellers who are used to only accepting cash. “We’re starting to see that general awareness build,” Friar says.