Square: 3Q Earnings Snapshot
SAN FRANCISCO (AP) _ Square Inc. (SQ) on Wednesday reported third-quarter profit of $29.4 million.
The San Francisco-based company said it had net income of 6 cents per share. Earnings, adjusted for one-time gains and costs, were 25 cents per share.
The results exceeded Wall Street expectations. The average estimate of 10 analysts surveyed by Zacks Investment Research was for earnings of 20 cents per share.
The mobile payments services provider posted revenue of $1.27 billion in the period, which also beat Street forecasts. Four analysts surveyed by Zacks expected $1.15 billion.
For the current quarter ending in December, Square expects its per-share earnings to range from 19 cents to 21 cents.
The company said it expects revenue in the range of $1.16 billion to $1.18 billion for the fiscal fourth quarter.
Square expects full-year earnings in the range of 76 cents to 78 cents per share, with revenue ranging from $4.56 billion to $4.58 billion.
Square shares have increased slightly more than 9% since the beginning of the year. In the final minutes of trading on Wednesday, shares hit $61.34, a drop of 21% in the last 12 months.