Square Inc. (NYSE: SQ) released third-quarter financial results after markets closed Wednesday. The company said that it had $0.25 in earnings per share (EPS) and $602 million in revenue, compared with consensus estimates calling for $0.20 in EPS and $596.38 million in revenue. The same period of last year had $0.13 in EPS and $431 million in revenue.
During the most recent quarter, gross payment volume (GPV) increased 25% year over year to $28.2 billion. The GPV from larger sellers grew 34% year over year and accounted for 55% of total GPV, up from 52% in the third quarter of 2018.
Transaction-based revenue was $817 million, up 25% year over year, and transaction-based profit was $297 million, up 23%.
Subscription and services-based revenue totaled $281 million in the third quarter, up 68% year over year. Also, subscription and services-based gross profit came to $216 million, up 82% in the same period. Hardware revenue was $22 million, up 24% year over year, and hardware generated a gross loss of $14 million.
Looking ahead to the fourth quarter, the company expects to see EPS in the range of $0.19 to $0.21 and revenue between $585 million and $595 million. Consensus estimates call for $0.25 in EPS and $621.24 million in revenue for the quarter.
Shares of Square closed Wednesday at $61.35, in a 52-week range of $49.82 to $83.20. The consensus price target is $77.11. Following the announcement, the stock was up 1.5% at $62.27 in the after-hours session.
Travel Cards Are Getting Too Good To Ignore
Credit card companies are pulling out all the stops, with the issuers are offering insane travel rewards and perks.
We’re talking huge sign-up bonuses, points on every purchase, and benefits like lounge access, travel credits, and free hotel nights. For travelers, these rewards can add up to thousands of dollars in flights, upgrades, and luxury experiences every year.
It’s like getting paid to travel — and it’s available to qualified borrowers who know where to look.
We’ve rounded up some of the best travel credit cards on the market. Click here to see the list. Don’t miss these offers — they won’t be this good forever.
Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.
Latest from 24/7
Our expert who first called NVIDIA in 2009 is predicting 2025 will see a historic AI breakthrough.
You can follow him investing $500,000 of his own money on our top AI stocks for free.