Square stock falls after first-quarter earnings
Square Inc. shares fell more than 6% in the extended session Wednesday after the company released first-quarter earnings. Square stock closed up nearly 1% to $48.66 during the regular session. The payments company reported first-quarter net losses of $24 million, or losses of 6 cents a share, compared with losses of $15.1 million, or losses of 4 cents a share, in the year-ago period. Adjusted earnings were 6 cents a share. Revenue rose to $668.6 million from $461.6 million in the year-ago period. The company reported adjusted revenue of $306.8 million, which excludes transaction-based costs of $327.9 million and "bitcoin costs" of $33.8 million. Analysts surveyed by FactSet had estimated adjusted earnings of 5 cents a share on adjusted revenue of $293 million. For the second quarter, analysts model adjusted earnings of 12 cents on sales of $334 million; the company said it expects adjusted earnings of 9 cents to 11 cents per share and adjusted revenue of $355 million to $360 million. Square stock has gained 40% this year, with the S&P 500 index falling less than 1%.
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