Square (NYSE:SQ) earnings for the payment services company’s second quarter of 2020 have SQ stock heading higher on Wednesday. That’s due to its adjusted earnings per share of 18 cents, which is well above Wall Street’s estimate of 11 cents per share. Its revenue of $1.92 billion also blows past analysts’ estimates of $1.3 billion.
Here are some additional highlights from the most recent Square earnings report.
- Adjusted per-share earnings are down 14.3% from 21 cents during the same time last year.
- Revenue for the quarter comes in 64% higher than the $1.17 billion reported in Q2 2019.
- Operating loss of $23.05 million is 2,634.3% wider year-over-year from a loss of $843,000.
- The Square earnings report also includes a net loss of $11.48 million.
- That’s 70.3% worse than the company’s net loss of $6.74 million reported during the same time last year.
Square includes the following in its letter to shareholders for the second quarter of the year.
“In the second quarter of 2020, total net revenue grew 64% year over year, to $1.92 billion, and gross profit grew 28% year over year, to $597 million. Excluding Caviar from the second quarter of 2019, total net revenue and gross profit were up 70% and 32%, respectively, year over year.”
Square doesn’t discuss guidance during its most recent earnings report. Many companies are withholding guidance at this time due to the novel coronavirus pandemic.
SQ stock was up 8.2% as of Wednesday afternoon.
As of this writing, William White did not hold a position in any of the aforementioned securities.