Shares of Square Inc. were falling in after-hours trading Wednesday after the company beat estimates on its first-quarter financials but missed on payment volume and its second-quarter outlook.
The company reported a net loss of $ 38 million, or 9 cents a share, compared with a loss of $24 million, or 6 cents a share, a year earlier. Adjusted earnings per share rose to 11 cents from 6 cents a year ago and came in ahead of the FactSet consensus of 8 cents.
Adjusted revenue climbed to $489 million from $307 million in the prior March quarter, whereas analysts had been modeling $480 million.
was down 5.8% in after-hours trading.
Gross payment volume grew to $22.6 billion, up from $17.8 billion a year ago. Analysts surveyed by FactSet projected $22.8 billion in GPV. The company said that 51% of volume came from larger sellers, or those doing more than $125,000 in annual GPV.
For the second quarter, Square expects adjusted revenue of $545 million to $555 million and adjusted EPS of 14 cents to 16 cents. Analysts were projecting $557 million in revenue and 18 cents in EPS.