(Bloomberg) -- Square Inc. gave a profit forecast for the current quarter that missed analysts’ estimates, hampered by a jump in spending on newer services beyond its main payments-processing business, including its fast-growing peer-to-peer cash-transfer app. The shares slipped in late trading.

Key Insights

Market Reaction

• Shares fell about 4.5 percent in extended trading after closing at $79.32 in New York. The stock has gained more than 40 percent so far this year.

Know More

• This is the first quarterly report with Square’s new chief financial officer, former Activision Blizzard Inc. executive Amrita Ahuja. She replaced Sarah Friar, who was seen as pivotal to the company’s stability and expansion beyond payments.
• Once mainly known for helping small brick-and-mortar shops accept credit cards, the company co-founded by Chief Executive Officer Jack Dorsey has morphed into a broader provider that helps businesses with payroll, loans, accounting, inventory tracking, website building, and more.
• Gross payments volume rose 28 percent to $23 billion in the fourth quarter.

©2019 Bloomberg L.P.