Benzinga | Oct 22, 2021 12:40PM EDT

Why Square Shares Are Falling

Shares of companies in the broader tech space, including Square Inc (NYSE:SQ), are trading lower as weakness in Snap Inc (NYSE:SNAP) and Intel Corporation (NASDAQ:INTC) following quarterly earnings weighs on the sector.

Snap reported quarterly sales of $1.07 billion which missed the analyst consensus estimate of $1.10 billion by 3%. Intel reported quarterly sales of $18.10 billion which missed the analyst consensus estimate of $18.24 billion by 1%.

Square provides payment acquiring services to merchants, along with related services. The company also launched Cash App, a person-to-person payment network. Square has operations in Canada, Japan, Australia and the United Kingdom. About 5% of Square's revenue is generated outside the U.S.

Square has a 52-week high of $289.23 and a 52-week low of $151.10.