Square, Inc. Posts Wider Loss In Q1 - Quick Facts

(RTTNews) - Square, Inc. (SQ) reported that its first-quarter net loss attributable to common stockholders widened to $96.8 million or $0.29 per share from $48.0 million or $0.33 per share, prior year. The company's first-quarter loss includes the impact of the accrual for the Morley litigation of $50 million, or $0.15 per share.

On average, 12 analysts polled by Thomson Reuters expected the company to report a loss per share of $0.09 for the quarter. Analysts' estimates typically exclude special items.

Total net revenue, which includes revenue from Starbucks, increased to $379.27 million from $250.56 million, a year ago. Analysts expected revenue of $343.60 million for the quarter. Adjusted revenue was $146 million in the first quarter of 2016, an increase of 64% from the first quarter of 2015.

Operating expenses were $207 million in the first quarter of 2016, up 72% from the first quarter of 2015. Excluding sharebased compensation expense and a non-recurring litigation accrual, operating expenses were up 18%.

For second-quarter, the company expects adjusted Revenue in a range of $151 to $156 million. For fiscal 2016, the company expects adjusted revenue in a range of $615 to $635 million.

Shares of Square, Inc. were down more than 11% after hours.