BUSINESS

Square bursts out of the gate in first day as public company

Staff Writer
Columbus CEO

NEW YORK (AP) — Square, the six-year-old start-up known for its white, cube-shaped card readers that plug into smartphones, is surging in its first day as a publicly traded company.

A 46 percent spike caught almost everyone off guard after the company prices its stock well below what had been expected late Wednesday.

That markdown was seen as a concession by the company, which is headed by Twitter co-founder Jack Dorsey, that investors are becoming wary of once-hot startups that haven't proven they can make money.

Shares gained $4.14 to reach $13.15 in early trading.