By Allison Prang

Payments company Square Inc. reported a profit in its fourth quarter, which was lifted by its investment in DoorDash.

Square's fourth-quarter profit was $294 million, a drop from $390.9 million a year ago. Earnings were 59 cents a share, down from 83 cents a share a year ago.

The company's profit included a $274.3 million gain related to equity investments. That gain, Square said, was mostly from the mark-to-market valuation of Square's investment in DoorDash, Square said.

Adjusted earnings were 32 cents a share. According to FactSet, analysts were expecting 24 cents a share.

Revenue more than doubled to $3.16 billion. Analysts were expecting $3.1 billion.

Write to Allison Prang at allison.prang@wsj.com

(END) Dow Jones Newswires

February 23, 2021 16:56 ET (21:56 GMT)

Copyright (c) 2021 Dow Jones & Company, Inc.
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