Square: 2Q Earnings Snapshot
SAN FRANCISCO (AP) _ Square Inc. (SQ) on Thursday reported a loss of $6.7 million in its second quarter.
On a per-share basis, the San Francisco-based company said it had a loss of 2 cents. Earnings, adjusted for stock option expense and amortization costs, came to 21 cents per share.
The results surpassed Wall Street expectations. The average estimate of 14 analysts surveyed by Zacks Investment Research was for earnings of 16 cents per share.
The mobile payments services provider posted revenue of $1.17 billion in the period, also surpassing Street forecasts. Seven analysts surveyed by Zacks expected $1.11 billion.
For the current quarter ending in October, Square expects its per-share earnings to range from 18 cents to 20 cents.
The company said it expects revenue in the range of $1.13 billion to $1.15 billion for the fiscal third quarter.
Square expects full-year earnings in the range of 74 cents to 78 cents per share, with revenue ranging from $4.41 billion to $4.47 billion.
Square shares have risen 45% since the beginning of the year. In the final minutes of trading on Thursday, shares hit $81.14, a rise of 21% in the last 12 months.