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Square stock rockets after earnings beat

4:45 pm ET November 5, 2020 (MarketWatch)

By Emily Bary

Excluding bitcoin, Cash App revenue comes in at $435 million, up 174% from a year prior

Square Inc. shares gained in after-hours trading after the company reported better-than-expected earnings for the third quarter and noted that in-person payment volume for October was up relative to a year earlier.

Shares of Square (SQ) were up 8% in extended trading Thursday.

The online-payments company reported net income $36.5 million, or 7 cents a share, whereas it posted net income for $29.4 million, or 6 cents a share, a year prior. On an adjusted basis, Square recorded earnings per share of 34 cents, up from 25 cents a year earlier and ahead of the FactSet consensus, which called for 16 cents.

Square's revenue for the third quarter climbed to $3.03 billion from $1.27 billion, whereas analysts had been modeling $2.04 billion. Excluding bitcoin revenue, the company generated $1.40 billion in revenue, up 25% from a year earlier.

The revenue total included $965 million from the company's seller business and $2.07 billion from its Cash App business. When excluding bitcoin, Cash App revenue came in at $435 million, up 174% from a year prior.

Don't miss: Visa and Mastercard have a lot in common, but COVID-19 puts one key difference in focus (https://www.marketwatch.com/story/visa-and-mastercard-have-a-lot-in-common-but-covid-19-puts-one-key-difference-in-focus-11604090026)

The company's gross payment volume (GPV), or the total dollar amount of card payments processed by sellers using Square, grew to $28.8 billion from $28.2 billion. Analysts were modeling $30 billion. Square disclosed that 61% of its volume mix came from sellers doing more than $125,000 in annual GPV.

Square disclosed that for October, seller GPV was up 8% from a year earlier, an improvement from relative trends in the third quarter. Seller GPV from card-present, or in-person, transactions rose 1% from a year prior in October. Online GPV, known as card-not-present GPV in the industry, was up 23%.

Square shares have rallied 179% so far this year, as the S&P 500 has gained about 8%.

-Emily Bary; 415-439-6400; AskNewswires@dowjones.com

(END) Dow Jones Newswires

November 05, 2020 16:45 ET (21:45 GMT)

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