RTTNews | Aug 2, 2021 10:45AM EDT

10:44 Monday, August 2, 2021 (RTTNews.com) - California-based tech company Square, Inc (SQ) is up 8% in the early trading session on Monday. The company reported earnings beating estimates. The company also plans to buy Australian 'buy now, pay later' company Afterpay for $29 billion.

For the three-month period, the company reported net income of $20.40 million or $0.40 per share, compared to a loss of $11.47 million or $0.03 loss per share last year.

On an adjusted basis, the earnings were $0.76, up from $0.18 in the previous year. Thirty seven analysts polled by Thomson Reuters estimated the earnings to be $0.30 for this quarter.

The revenue for the company also increased to $4.68 billion, from $1.92 billion last year.

The company has also announced plans to buy Afterpay for $29 billion. Square, led by Twitter founder Jack Dorsey, will acquire all the stock of Afterpay for A$126.21. The deal is expected to close in the first quarter of 2022.

The shares of the company are currently changing hands at$269.36, up $22.10 or 8.94% higher than $247.26 on Friday.

The shares opened at $247.93 and in the 52-week period, the stock ranged between $130.26 and $283.

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