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Despite beating earnings estimates for the fourth quarter of 2017 and projecting continued growth in 2018, shares of the digital payments company Square Inc. (SQ) - Get Block Inc Class A Report  fell in premarket trading on Wednesday, Feb. 27. 

Shares initially rose but then fell 2% to $44.95 on Tuesday after the company reported earnings of 8 cents a share on a non-GAAP basis, beating consensus estimates of 7 cents. Adjusted revenue was $283 million, compared to analysts' expectations of $266.5 million.

In premarket trading on Wednesday, Square fell 1.1% to $45.40.

During an earnings call with investors Tuesday, Square CEO Jack Dorsey and CFO Sarah Friar highlighted the performance of the Cash app, which now includes a feature allowing users to buy and sell Bitcoin.

"With Bitcoin, we're not stopping at buying and selling," Dorsey said, adding that the company will take a "learning mindset" when it comes to expanding the cryptocurrency features on the app.

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The company's new products have centered around speed and accessibility, like the debut of a Visa debit card to withdraw funds on the Cash app that Square can monetize through interchange.

"We want to make sure sellers can meet [buyers] everywhere," Friar said.

Friar said that though the company is best known for its services that cater to smaller businesses who are just starting to accept credit cards or are new to managing vast numbers of products, Square wants to attract more large businesses who can benefit from the "whole ecosystem" of services they have to offer.

"Square is still predominantly known for helping accept payment, getting started," Friar said. "Big businesses don't start there... we want to shift that story."

The company guided for adjusted earnings per share of 3 cents to 5 cents in the first quarter of 2018 vs. analysts' estimates of 8 cents. For the entire year, though, Square expects EPS of 43 cents to 47 cents, in line with estimates of 45 cents.

Jefferies LLC has a buy recommendation on Square's stock, with an upwards price target of $53. Analyst Ramsey El-Assal wrote, "We believe that initial 2018 guidance will eventually prove somewhat conservative, and applaud the company's continued reinvestment."