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As long as you're in the realm of mathematics, it represents both.

If it arises as the solution to a real-world situation, then one of the
solutions may have no practical application, and you'll discard it
because it's not a helpful one.
Both, because a negative squared and a positive squared would both still give you a positive product. For example: -4 x -4 = 16 and 4 x 4 = 16 too. 
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