New sellers and an expanding product line made 2016 a good year for Square.
In its earnings report on Wednesday, the company said its net loss per share during the final quarter of 2016 was $.04, a significant improvement from $.34 during the same period the previous year.
Square also reported that gross payments volume for fourth quarter of 2016 was $13.7 billion, up 34% from the same time the previous year. Its full-year GPV was $50 billion, up 39% from the year before.
In a letter to shareholders, the company credited its “ability to efficiently add new sellers to Square and provide them with the tools they need to grow” for its continued growth in payments volume.
Square said that products it has introduced since 2014, including Square Capital and Invoices, accounted for one-fourth of its adjusted revenue during the fourth quarter.
Larger merchants are making up a slightly larger portion of the company’s GPV mix. Sellers with less than $125,000 in annualized volume were 58% of Square’s volume in Q416. For Q415, those sellers made up 61% of the total volume for the company.
Last week, the company announced that it was introducing its Square Payroll service to employers in Connecticut, Louisiana and New Jersey. The product is now available to 60% of the businesses in the U.S. across 19 states.