Square: 3Q Earnings Snapshot
SAN FRANCISCO (AP) _ Square Inc. (SQ) on Wednesday reported third-quarter net income of $19.6 million, after reporting a loss in the same period a year earlier.
On a per-share basis, the San Francisco-based company said it had net income of 4 cents. Earnings, adjusted for one-time gains and costs, came to 13 cents per share.
The results beat Wall Street expectations. The average estimate of 15 analysts surveyed by Zacks Investment Research was for earnings of 11 cents per share.
The mobile payments services provider posted revenue of $882.1 million in the period, also exceeding Street forecasts. Nine analysts surveyed by Zacks expected $860.5 million.
For the current quarter ending in December, Square expects its per-share earnings to range from 12 cents to 13 cents.
The company said it expects revenue in the range of $895 million to $905 million for the fiscal fourth quarter.
Square expects full-year earnings in the range of 45 cents to 46 cents per share, with revenue ranging from $3.26 billion to $3.27 billion.
Square shares have more than doubled since the beginning of the year. In the final minutes of trading on Wednesday, shares hit $82.66, more than doubling in the last 12 months.