Square Inc Q3 2017 Earnings Results Sink Shares

Square Inc Q3 2017 Earnings Results Sink Shares”

That San Francisco-based company's loss narrowed to $16.1 million, or 4 cents per share, from $32.3 million, or 9 cents per share, a year earlier. Earnings per share excluding some items are expected to be 24 cents to 25 cents, up from an earlier forecast of as much as 23 cents.

The Square Q3 2017 earnings results were released after closing bell tonight, and the company posted adjusted earnings of 7 cents per share on $257 million in adjusted revenue and $585 million in total net revenue.

Square reported quarterly earnings and revenue that beat analysts' expectations on Wednesday. Total net revenue hit $585 million growing 33% versus year prior. GPV from larger sellers, defined by Square as merchants generating more than $125,000 in annualized revenue, grew 44 percent year over year, attributing 48 percent of GPV for the quarter. The StreetAccount consensus for gross payment volume stood at $17.03 billion.

Gross payment volume (GPV) continued to be a critical metric for the young mobile payments company. Subscription and services-based revenue, which includes the company's lending service Square Capital and food delivery business Caviar, was $65 million, up 84 percent from the third quarter of 2016.

Analysts on average had expected a profit of 5 cents per share on revenue of $245 million, according to Thomson Reuters I/B/E/S. Adjusted revenue is slated to be between $963 million to $966 million, ahead from the previous outlook of $925 million to $935 million.

Square shares have more than doubled since the beginning of the year. He added that these numbers are year-to-date increases of 178% and 595%, respectively, and yet, just 13.4% of the float is being borrowed.

The stock traded recently at $35.80, down 2.48 percent.

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