It’s been a profitable year for Square Inc (NYSE:SQ) investors as the stock has skyrocketed 169.3% year-to-date as of Wednesday’s closing.
However, the company’s impressive run came to a halt in the afternoon as the company unveiled its third-quarter results, posting an overall loss but beating revenue expectations.
The payment services provider posted a loss of four cents per share. On an adjusted basis, Square earned seven cents per share, beating expectations of five cents per share, per Thomson Reuters.
Adjusted revenue came in at $257 million, marking a 45% rise compared to the year-ago sales. Analysts polled by Thomson Reuters were calling for revenue of $244.9 million.
One of Square’s most important metrics is gross payment volume, which came in at $17.4 billion, ahead of what Wall Street had in its outlook. The figure grew 31% year-over-year, compared to a 32% growth the previous year.
“In the third quarter, we saw ongoing strength in both transaction-based and subscription and services-based revenue,” said CEO Jack Dorsey.
For its full-year results, Square forecasts that it will earn 24 cents to 25 cents per share, ahead of its previous guidance of 21 cents to 23 cents per share. Adjusted revenue is slated to be between $963 million to $966 million, ahead from the previous outlook of $925 million to $935 million.
“Our open platform strategy is working: Sellers using business systems that are integrated with Square contributed nearly 20% of third-quarter GPV,” Dorsey added.
SQ stock fell 3.8% after the bell Wednesday.
Editor’s Note: A previous version of this story incorrectly reported earnings targets.