Square Inc. reported weaker-than-expected revenue as the payments firm brought in far lower revenue from cryptocurrency bitcoin than what analysts were expecting.
The company reported revenue of $3.84 billion, up from $3.03 billion a year earlier. Revenue from bitcoin, which measures the total sale amount of the cryptocurrency to customers, totaled $1.82 billion, up from $1.63 billion. Transaction-based revenue was $1.3 billion, up from $925 million a year earlier.
Analysts polled by FactSet were expecting revenue of $4.39 billion, including bitcoin revenue of $2.56 billion and transaction-based revenue of $1.29 billion.
Net income attributable to common shareholders was $84,000, compared with a loss of $36.5 million a year earlier. The company broke even on a per share basis, but had earnings per share of 37 cents on an adjusted basis. Analysts were expecting adjusted earnings of 38 cents a share.