Square (SQ) late Wednesday reported first-quarter revenue that topped expectations, as Bitcoin contributed 5% of sales, but June quarter profit guidance missed estimates. Shares fell in after-hours trading.
XThe company said adjusted earnings were 6 cents a share, up 20% from a year ago, in line with estimates. Revenue jumped 45% to $669 million, including $34 million of Bitcoin-related revenue, topping expectations.
A year earlier, Square earned 5 cents a share on sales of $461.6 million. Analysts expected earnings of 6 cents on sales of $624 million for the period ended March 31.
Net revenue rose 51% to $307 million, topping expectations.
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For the June quarter, Square said it expects adjusted profit of 10 cents, below consensus estimates of 12 cents a share. The company forecast revenue of $750 million, including the acquisition of Zesty, above estimates of $726 million.
The San Francisco-based firm makes credit-card readers that plug into mobile phones and tablets. In November, it set up a Bitcoin exchange so that users of its Square Cash app could buy and sell the digital cryptocurrency.
Shares in the digital payment processor fell 4% to 46.83 in after-hours trading on the stock market today.
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The post Square Top-Line Beats, Bitcoin Adds Revenue, Profit Guidance Misses appeared first on Investor's Business Daily.
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