Square Inc. (NYSE: SQ) released third-quarter financial results after markets closed Wednesday. The company said that it had a net loss of $0.02 per share and $1.38 billion in revenue, compared with consensus estimates calling for $0.13 in earnings per share (EPS) and $620.3 million in revenue. The same period of last year had $0.11 in EPS and $959.4 million in revenue.

During the most recent quarter, gross payment volume (GPV) increased 14% year over year to $25.7 billion. The GPV from larger sellers accounted for 52% of total GPV.

Transaction-based revenue was $758 million in the first quarter of 2020, up 15% year over year, and transaction-based gross profit was $292 million, up 18% year over year.

Subscription and services-based revenue was $296 million in the first quarter, up 35% year over year, and subscription and services based gross profit was $256 million, up 61% year over year. Excluding Caviar from the first quarter of 2019, subscription and services-based revenue was up 72% year over year, and subscription and services-based gross profit was up 74% year over year.

CEO Jack Dorsey commented in the report:

In January and February, gross profit increased 47% year over year, or 51% year over year excluding Caviar from the 2019 period. During the last two weeks of the quarter, our Seller ecosystem experienced a significant slowdown due to the impacts of COVID-19, with Seller GPV (Gross Payment Volume) down 35% year over year. In the first quarter, Cash App gross profit grew 115% year over year.

Shares of Square closed Wednesday at $68.10, in a 52-week range of $32.33 to $87.25. The consensus price target is $62.74. Following the announcement, the stock was down over 7% at $62.85 in the after-hours session.

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