Square Inc. Increases Full Year Guidance; Posts Narrower Loss In Q1

(RTTNews) - Square, Inc. (SQ) reported that, for fiscal 2017, the company now expects adjusted EPS of $0.16 to $0.20 compared to previous guidance of $0.15 to $0.19. Total net revenue is expected to be in a range of $2.12 to $2.16 billion compared to previous range of $2.09 to $2.15 billion. Adjusted revenue is now expected to be in the range of $890 to $910 million compared to a prior range of $880 to $900 million.

For the second-quarter, the company expects: adjusted EPS of $0.03 to $0.05; total net revenue of $532 to $538 million, and adjusted revenue of $223 to $226 million.

First-quarter adjusted EPS was $0.05, a $0.10 improvement on a year-over-year basis. Net loss was $15 million in the first quarter of 2017, an improvement of $82 million from the first quarter of 2016. Net loss per share was $0.04 compared to a net loss per share of $0.29.

Total net revenue was $462 million in the first quarter of 2017, up 22% compared to the first quarter of 2016. The company did not generate any revenue from Starbucks. Excluding Starbucks revenue, total net revenue in the first quarter of 2017 grew 36% year over year. Adjusted revenue was $204 million in the first quarter of 2017, an increase of 39% from the first quarter of 2016.

In the first quarter of 2017, the company processed $13.6 billion of Gross Payment Volume, which represents an increase of 33% from the first quarter of 2016. Transaction-based revenue was $403 million in the first quarter of 2017, up 34% from the first quarter of 2016.