Market Insider

Square shares leap to record high after earnings beat

Jack Dorsey, CEO of Twitter.
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Shares of Jack Dorsey's Square rocketed to an intraday all-time high of $17.75 Thursday morning, coming close to doubling its initial offering price of $9 a share.

The stock ended the day 14 percent higher after the mobile payment company reported better-than-expected earnings and revenue.

The sharp move marked the stock's best daily performance since its initial public offering little more than a year ago in late 2015, when the stock gained more than 45 percent in one day.

Square reported late Wednesday a loss of 4 cents a share, beating a Thomson Reuters consensus estimate of a 9-cent loss. Revenue also surpassed forecasts, coming in at $452 million for the quarter, compared to the $450 million estimate.

Square performance since its IPO

Source: FactSet

With Thursday's gains, shares are up 90 percent since Square's IPO. CEO Dorsey also runs social media company Twitter.

—CNBC's Christine Wang contributed to this report.

Square's CFO talks earnings and small businesses