Square Inc (NYSE:SQ) has delivered Q3 shares and earnings numbers which eclipsed analyst expectations, but investors are frowning at the payment giant’s weak forecast.
Investor’s Business Daily has the details.
Square (SQ) on Wednesday reported adjusted third-quarter profit and revenue that topped expectations, but its December-quarter earnings outlook fell below estimates. Square stock dropped in after-hours trading.
Square said adjusted earnings were 13 cents a share, up 86% from a year ago, with revenue rising 51% to $882 million, topping estimates. A year earlier, Square earned 7 cents a share on sales of $585 million. Analysts expected Square to report earnings of 11 cents on sales of $861 million for the period ended Sept 30.
Looking ahead, Square expects revenue in a range of $895 million to $905 million and adjusted earnings of 12 cents to 13 cents a share. Analysts were expecting $891 million and 15 cents for the current quarter.
Square Inc shares fell $4.79 (-5.79%) in premarket trading Thursday. Year-to-date, SQ has gained 138.51%, versus a 6.68% rise in the benchmark S&P 500 index during the same period.