Square sells Caviar, stock falls after volume and outlook come up short

Square sells Caviar and stock falls as outlook comes up short

Square Inc. beat second-quarter earnings and revenue expectations on Thursday but fell a bit short on volume, while giving an disappointing earnings outlook for the current quarter.

Adjusted revenue for the quarter climbed to $563 million from $385 million. Analysts had been modeling $558 million in adjusted revenue, which excludes transaction costs and bitcoin costs. Square said that its Cash App contributed $135 million in subscription and services-based and transaction-based revenue as well as $125 million in bitcoin revenue.

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