Shares of Square Inc. (SQ) 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. 

More from Investing

Global Stocks Mixed as China GDP Slows, Brexit Uncertainty Hangs Over Europe

Global Stocks Mixed as China GDP Slows, Brexit Uncertainty Hangs Over Europe

Why Diversity Should be a Corporate Priority

Why Diversity Should be a Corporate Priority

IMF Trims Global Economic Growth Forecasts as Trade, Europe Weigh on Sentiment

IMF Trims Global Economic Growth Forecasts as Trade, Europe Weigh on Sentiment

How Vulnerable the U.S. Economy Is -- Recession Watch

How Vulnerable the U.S. Economy Is -- Recession Watch

US Earnings Season Off to Solid Start, But 2019 Growth Rate Set to Slow Sharply

US Earnings Season Off to Solid Start, But 2019 Growth Rate Set to Slow Sharply