For nearly a year now, mobile payments firm Square’s stock (NYSE: SQ) has been on the rise. Its recent financial results may not have been spectacular, but the usage metrics continue to impress the market, taking its stock to record highs.

Square’s Financials

For the recently reported second quarter, Square’s revenues grew 48% over the year to $814.9 million, ahead of the Street’s expectations of $775.4 million. On an adjusted basis, net revenues came in at $385.4 million, compared with $240.4 million a year ago, and $366 million forecast by the market. On a GAAP basis, the company reported a loss of $6 million or $0.01 per share, which was significantly lower than the loss of $16 million reported a year ago. On an adjusted basis, EPS of $0.13 was also better than the market’s forecast EPS of $0.11.

By segment, Transaction-based revenues grew 30% over the year to $625.2 million and Subscription service revenues grew 127% over the year to $134.3 million. Revenues from the hardware segment grew 79% to $18.4 million in the quarter. Earlier this year, Square also ventured into the Bitcoin market by allowing customers to use its app to buy the cryptocurrency. The service is yet to make a big impact in the company’s financials. But during the last quarter, it raked in $37 million in revenues with $36.6 million in expenses.

Among other metrics, Square’s gross payment volume grew 30% to $21.4 billion. During the quarter, it facilitated $390 million of business loans, up 22% over the year. Payment volume from Instant Deposit grew to $4 billion.

For the current quarter, Square forecast gross revenues of $840-$860 million, net revenues of $407-$412 million, and EPS of $0.08-$0.10. The Street was looking for gross revenues of $808.3 million, adjusted revenues of $386 million, and EPS of $0.11. Square expects to end the current year with revenues of $3.19-$3.22 billion and EPS of $0.42-$0.46. The market was looking for revenues of $3.11 billion with EPS of $0.46.