The stock was down 5.81% to $69.34 a share in postmarket trading, after having risen 1.10% in regular hours.
Management moved full-year 2019 GAAP loss per share guidance down to a range between 5 cents and 9 cents, from a previous expectation of 1 cent and 5 cents. Analysts polled by FactSet were looking for a GAAP loss per share for the year of 3 cents. The company maintained its adjusted earnings per share guidance of between 74 and 78 cents, against expectations of 75 cents. Square also increased its adjusted revenue guidance for 2019 to a range between $2.25 billion and $2.28 billion from $2.22 billion to $2.25 billion.
Adjusted earnings per share for the first quarter came in at 11 cents, beating Wall Street expectations of 8 cents. Adjusted revenue was $489 million, beating analysts' estimates of $480 million. Revenue grew 43%. Gross payment volume increased 27% to $22.6 billion.
Transaction-based revenue was $656.8 million, beating an expected $645 million. Subscription revenue was $218.9 million, beating estimates of $206 million.
"We continued to drive strong revenue growth at scale. In the first quarter of 2019, total net revenue grew 43% year over year," the company said in its earnings release.
The stock is up 29% this year.