Square Reported Q3 Earnings: Net Profit Down 99.8% Year-over-Year to Revenue of $3.845 Billion

U.S. mobile payment giant Square Inc. reported third-quarter results for fiscal 2021 this week, according to media reports.

Square reported net sales of $3.845 billion in the third quarter, up 27% from $3.034 billion a year ago. Net income attributable to common shareholders was $84,000, compared to net income attributable to common shareholders of $36.5 million for the same period last year, a decrease of 99.8%.

Square’s third-quarter results fell short of Wall Street analysts’ expectations, dropping shares nearly 5 percent after the session.




Square’s net income attributable to common shareholders was $84,000, or zero diluted earnings per share, for the quarter ended Sept. 30, down from a year earlier. Square’s third-quarter net revenue was $3,845 million, up 27 percent from $3,034 million a year ago, but also fell short of analysts’ expectations. Square’s gross profit for the third quarter was $1,133 million, up 43 percent from $794 million a year year.

Square had an operating profit of $23 million in the third quarter, compared with $49.3 million a year earlier.



Square’s operating expenses were $1.11 billion in the third quarter, up 47% from a year earlier.

Square shares fell $5.02, or 1.99 percent, to close at $247.46 in regular trading on the New York Stock Exchange. In subsequent trading Thursday at 5:33 p.m. Et, Square shares fell another $12.25, or 4.95%, to $235.21. Over the past 52 weeks, Square’s high has been $289.23 and its low $167.11.

Article source: Sina