The big reversal of fortune in the latter metric was due to a dramatic increase in reserves for transaction and loan losses. This has been a widespread trend among banks and financial-services providers lately, as defaults are expected to climb higher due to the economic damage wrought by the SARS-CoV-2 coronavirus. On average, analysts tracking Square stock had been estimating $1.29 billion on the top line for the quarter and an adjusted per-share net profit of $0.13. Read More...
Square Zooms Nearly 10% Higher on Q1 Results
The big reversal of fortune in the latter metric was due to a dramatic increase in reserves for transaction and loan losses. This has been a widespread trend among banks and financial-services providers lately, as defaults are expected to climb higher due to the economic damage wrought by the SARS-CoV-2 coronavirus. On average, analysts tracking Square stock had been estimating $1.29 billion on the top line for the quarter and an adjusted per-share net profit of $0.13.
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