Square Shares Fall After Reporting Mixed First Quarter Results

Square shares slid in after-hours trading on Thursday after the company reported a wider than expected first quarter loss.

Author:: Scott Gamm
Publish date:: May 5, 2016 4:51 PM EDT

Square (SQ) - Get Report shares slid in after-hours trading on Thursday after the company reported a wider than expected first quarter loss. The loss of $0.29 a share was more than the $0.09 a share loss analysts had expected. On the revenue side, sales stood at $379 million, beating estimates of about $343 million. This is Square's second earnings report, since its debut as a public company in November of 2015, when shares were priced at $9 a share. The stock currently trades near $13. The company said demand for its contactless and chip readers showed momentum during the quarter. Gross payment volume rose 45 percent to $10.3 billion. Starbucks SBUX transaction revenue stood at $39 million during the quarter. Operating expenses rose 72 percent to $207 million. As for guidance, it expects second quarter revenue of $151 million to $156 million. TheStreet's Scott Gamm reports from Wall Street.