Breaking Square earnings beat expectations, expected to top $1 billion in revenue in 2018
Square Inc. reported fourth-quarter earnings that beat expectations Tuesday, and projected that it will collect more than $1 billion in adjusted revenue in 2018 for the first time. The payments company reported a net loss of $16 million, or 4 cents a share, on net revenue of $616 million. After adjusting revenue for the costs of performing monetary transactions and earnings for stock-based compensation and other effects, Square claimed profit of 8 cents a share on revenue of $282.7 million. Analysts on average expected Square to report adjusted earnings of 7 cents a share on sales of $266.5 million, according to FactSet. In the same quarter a year ago, Square reported adjusted earnings of 5 cents a share on adjusted revenue of $191.9 million. Square also beat analysts’ expectations with its forecast, which called for the company’s first year topping $1 billion in adjusted revenue, after falling just short in 2017 with $984 million. The company expects adjusted profit of 43 cents to 47 cents a share on adjusted revenue of $1.3 billion to $1.33 billion in 2018; analysts were projecting adjusted earnings of 45 cents a share on adjusted revenue of $1.28 billion, according to FactSet. Despite the beat, Square shares bounced around in response to the report in after-hours trading Tuesday, trading between slight losses and gains.Read More..