Square Inc (NYSE: SQ) shares are trading lower after the company reported worse-than-expected third-quarter EPS results.
Square reported quarterly earnings of 37 cents per share which missed the analyst consensus estimate of 39 cents. Square also reported $3.84 billion in sales this quarter. This is a 27% increase over sales of $3.03 billion in the same period last year.
In the third quarter of 2021, Square generated gross profit of $1.13 billion, up 43% year over year. Square’s seller ecosystem generated gross profit of $606 million, up 48% year over year. Square says Cash App generated gross profit of $512 million, up 33% year over year.
Square provides payment acquiring services to merchants, along with related services. The company also launched Cash App, a person-to-person payment network.
Square has a 52-week high of $289.23 and a 52-week low of $162.15.
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