Square shares dip as earnings beat, but December forecast comes up short

High-flying payments company Square Inc. beat top- and bottom-line expectations for its third quarter on Wednesday, but shares slipped amid concerns about the company’s fourth-quarter outlook and the impact the competition may be having on growth.

Square SQ, -9.24% reported $431 million in adjusted revenue, which is net of transaction-based or bitcoin-trading costs, coming in ahead of the $414 million that analysts surveyed by FactSet had been projecting. The company also generated 13 cents in adjusted earnings per share, above the 11-cent consensus estimate.

But while Square increased its full-year revenue forecast and tightened its earnings projections, the company’s fourth-quarter outlook came up a bit light.

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