Earlier this month, mobile payments platform Square (NYSE:SQ) announced its first quarter results. While the results outpaced market expectations, a lackluster first quarter outlook disappointed the market and the stock fell 8% since the results announcement.
Square's gross revenues grew 43% to $959.36 million. Adjusted revenues for the quarter grew 59% over the year to $489 million, ahead of the Street's expectations of $479.63 million. It ended the quarter with a net loss of $38 million, or $0.09 a share, compared with a loss of $24 million, or $0.06 a share reported a year ago. On an adjusted basis, the EPS came in at $0.11, compared with the market's forecast of $0.08.