Benzinga | Nov 5, 2021 09:32AM EDT

Why Square Shares Are Falling During Thursday's After-Hours Session

Square Inc (NYSE:SQ) shares are trading lower after the company reported worse-than-expected third-quarter EPS results.

Square reported quarterly earnings of 37 cents per share which missed the analyst consensus estimate of 39 cents. Square also reported $3.84 billion in sales this quarter. This is a 27% increase over sales of $3.03 billion in the same period last year.

In the third quarter of 2021, Square generated gross profit of $1.13 billion, up 43% year over year. Square's seller ecosystem generated gross profit of $606 million, up 48% year over year. Square says Cash App generated gross profit of $512 million, up 33% year over year.

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 a 52-week high of $289.23 and a 52-week low of $162.15.