(Reuters) - Payments processor Square Inc
Square's Cash App saw a 167% spike in transactions in the second quarter ended June 30 as the coronavirus-triggered lockdown forced more Americans to shop online, while people also signed up to receive government aid.
The Cash App, which directly competes with PayPal Holdings Inc's
Square, founded and led by Twitter Inc
The company said it released the figures due to "early external access of the company's quarterly financials".
The payments processor posted a loss of $11.5 million, or 3 cents per share, compared with a loss of $6.7 million, or 2 cents per share last year.
Its subscription and services-based revenue, which includes earnings from Square's software offerings, rose 38% to $346 million.
Total net revenue rose to $1.92 billion from $1.17 billion last year.
(Reporting by Vishwadha Chander in Bengaluru, Editing by Sherry Jacob-Phillips and Aditya Soni)