Shares of Square Inc. (SQ) - Get Report were down nearly 9% in trading on Thursday, Nov. 8, after the company issued soft fourth-quarter guidance and the stock received a downgrade from analysts at Susquehanna. 

The mobile payments services provider reported third-quarter earnings of 13 cents a share on revenue of $882.1 million. Analysts were expecting earnings of 11 cents on revenue of $860.5 million. 

However, Square said it expects to earn between 12 cents and 13 cents a share in the fourth quarter on revenue between $895 million and $905 million. Analysts were expecting the company to generate profit of 15 cents.

Analysts at Susquehanna downgraded the stock to "neutral" from "positive" on valuation concerns and concerns that Square's plans to expand will come at the cost of its bottom line.

Chief Financial Officer Sarah Friar previously announced that she will be stepping down to become CEO of start-up Nextdoor. During a conference call following the release of third-quarter earnings, CEO Jack Dorsey, who is also head of Twitter Inc., said the company's No. 1 focus would be finding her replacement.