Square Q1 Results Top Expectations; Shares Fall After Hours

Square (SQ) reported adjusted net income of $0.06 per share in Q1, a penny better than the consensus on Capital IQ and compared with the year earlier gain of $0.05 a share. The payments company’s stock was down about 5% in early after-hours trading.

Adjusted revenue surged 51% to $307 million, ahead of the analysts’ views for $293.1 million.

Square raised its view for 2018 adjusted revenue to $1.4 to $1.43 billion from a prior range of $1.3 to $1.33 billion. For Q2, the company sees $355 to $360 million. The Street’s view is for $1.35 billion in the year and $334 million for the quarter.

For full year EPS, Square sees adjusted EPS of $0.44 to $0.48, up from a prior view of $0.43 to $0.47. In Q2 the company sees $0.09 to $0.11. The Street’s view is for $0.45 on the year and $0.12 in the quarter.

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