Square stock (NYSE:SQ) took a hit late in the day Wednesday as the online and mobile payment services provider posted an earnings beat, but its guidance for the current quarter is below what analysts are projecting.
The company said that for its third quarter of fiscal 2018, it brought in adjusted earnings of 13 cents per share, coming in ahead of the 11 cents per share that analysts polled by Refinitiv were calling for. The company’s $20 million profit was its first quarterly profit, topping the $16 million loss from the year-ago quarter
Square added that its revenue for the period came in at $431 million on an adjusted basis, exceeding its year-ago sales by 68% compared to the year-ago quarter. The Wall Street consensus estimate called for revenue of $413.9 million, according to data compiled by Refinitiv.
SQ stock is down about 4% after the bell Wednesday as the payment services provider’s fourth-quarter outlook missed the mark. An encouraging earnings preview helped to lift shares nearly 7% during regular trading hours as the company geared up to report for the period.
Square stock has increased more than 120% year-over-year and about 136% year-to-date.