Square, Inc. (NYSE: SQ) reported second-quarter financial results after markets closed Wednesday. The company said that it had a $0.07 in earnings per share (EPS) and $552 million in revenue, compared with consensus estimates from Thomson Reuters that called for a net loss of $0.05 per share and $536.27 million in revenue. The same period from last year had a net loss of $0.08 per share and $438.53 million in revenue.
Transaction-based revenue was $482 million in the second quarter of 2017, up 32% year over year. Transaction-based revenue as a percentage of gross payment volume (GPV) was 2.94%, up from 2.93% in the prior year period.
GPV grew 32% year over year to $16.4 billion. This is comparable to 33% year-over-year growth in the first quarter of 2017. GPV from larger sellers, or sellers that generate more than $125,000 in annualized GPV, grew 45% year over year and accounted for 46% of total GPV, up from 42% in the second quarter of 2016.
In the second quarter, Square Capital facilitated over 49,000 business loans totaling $318 million, an increase of 68% year over year.
In terms of guidance for the third quarter, Square expects to see revenues in the range of $562 million to $568 million and adjusted EBITDA in the range of $27 million to $30 million. There are consensus estimates calling for a net loss of $0.06 per share and $562.32 million in revenue.
The company also noted that it had 90 million customer profiles.
Shares of Square closed Wednesday down 1.5% at $26.40, with a consensus analyst price target of $23.81 and a 52-week range of $10.01 to $27.97. Following the release of the earnings report, the stock was initially up over 6% at $28.17 in the after-hours trading session.