Square Earnings Beat Estimates With Focus on Growth in Cash App

Square Inc. reported earnings that beat analysts’ estimates in the fourth quarter and showed significant growth in its payment app.

The company, helmed by Jack Dorsey, started out offering a phone dongle so that small businesses could accept credit card payments but is now seeing surging use of its peer-to-peer payments product known as Cash App. More people are using the app to send money to other people in their network, such as friends or landlords. And in the fourth quarter Square also launched fractional equity investing, creating an accessible way for people to get into the stock market. The product has proven popular with customers, who buy on average about $20 of stock every time they make a purchase, according to the company.