Square reported a quarterly loss Wednesday, but beat Wall Street's sales expectations as payment volume growth boosted revenue.
The payments processing company, in its first quarterly results since going public, reported an adjusted fourth-quarter loss of 20 cents per share on $374 million in revenue. Total net sales rose 49 percent from the previous year.
"There's a lot that's working," CEO Jack Dorsey told CNBC's "Closing Bell" on Wednesday. "Our main focus is around making sure that our sellers can accept any form of payment, including people's phones."
Analysts expected Square to post a loss of 13 cents per share on $343 million in revenue, according to a consensus estimate from Thomson Reuters.