Square - statistics & facts
Headquartered in San Francisco, California, Square is a mobile payment company focused on credit card processing and merchant solutions. The company was founded in 2009 by Jack Dorsey – who is also Twitter’s co-founder and CEO – and Jim McKelvey, and aims to make commerce easy. They started from the principle that every business should be able to make credit cards transactions. Over the years, the company has developed both software and hardware products, as well as business solutions to facilitate commerce. Square’s annual net revenue reached the 4.71 billion U.S. dollars mark in 2019, up from just over 200 million U.S. dollars in 2012. In the fourth quarter of 2019 alone, the company generated more than 1.31 billion U.S. dollars in net revenue. Despite these promising figures, Square's annual net income has not been positive so far and the only reason the company reported a 375.45 million U.S. dollar net income in 2019 was due to gains from its sale of its Caviar food delivery business in Q4 2019. In the fourth quarter of 2019, Square’s net income amounted to 390.94 million U.S. dollars, up from 29.4 million U.S. dollars in the preceding quarter.
