Square Inc. (NYSE: SQ) released third-quarter financial results after markets closed Wednesday. The company said that it had $0.25 in earnings per share (EPS) and $602 million in revenue, compared with consensus estimates calling for $0.20 in EPS and $596.38 million in revenue. The same period of last year had $0.13 in EPS and $431 million in revenue.

During the most recent quarter, gross payment volume (GPV) increased 25% year over year to $28.2 billion. The GPV from larger sellers grew 34% year over year and accounted for 55% of total GPV, up from 52% in the third quarter of 2018.

Transaction-based revenue was $817 million, up 25% year over year, and transaction-based profit was $297 million, up 23%.

Subscription and services-based revenue totaled $281 million in the third quarter, up 68% year over year. Also, subscription and services-based gross profit came to $216 million, up 82% in the same period. Hardware revenue was $22 million, up 24% year over year, and hardware generated a gross loss of $14 million.

Looking ahead to the fourth quarter, the company expects to see EPS in the range of $0.19 to $0.21 and revenue between $585 million and $595 million. Consensus estimates call for $0.25 in EPS and $621.24 million in revenue for the quarter.

Shares of Square closed Wednesday at $61.35, in a 52-week range of $49.82 to $83.20. The consensus price target is $77.11. Following the announcement, the stock was up 1.5% at $62.27 in the after-hours session.

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