On a GAAP basis, Square had a first-quarter loss of 29 cents a share, compared with a loss 33 cents a year earlier.
The company reported that its operating expenses were up 72 percent year over year, coming in at $207 million in the first quarter. The majority of these operating expenses, however, can be attributed to share-based compensation expense and a nonrecurring litigation accrual. Excluding these items, operating expenses were up 18 percent year over year.
Square also said product development costs were up $65 million in the quarter, which it said primarily reflected a "growth in personnel costs, including share-based compensation, as well as tooling costs associated with the development of [its] next-generation hardware products."
In March, Square posted its first quarterly results. Despite reporting a larger-than-expected loss, the payments processing company topped Wall Street sales expectations as it saw growth in GPV. Square said its GPV was up 47 percent from last year, rising to $10.2 billion.
For the current quarter, the mobile payment company also reported that its first-quarter gross payment volume came in at $10.3 billion, up 45 percent year over year.
Square went public in November, opening at $11.20 a share. The company had initially priced at $9 a share, which was below company expectations of $11 to $13 per share.
Correction: This story has been corrected to show that as of the quarter ending on March 31, Square had 335 million common shares outstanding. The figure was misstated in an earlier version.