Shares in Square Inc. fell in after-hours trading after it delivered a mixed bag of first-quarter results.

The payments company beat analysts’ estimates on earnings and revenue but at the same time reported weaker-than-expected gross payment volume and delivered lower-than-expected second-quarter guidance.

Revenue rose 43% over a year ago, to $959 million. Notably, $65.5 million of that figure came from bitcoin.

Adjusted revenue came in at $489 million, up 59% year-on-year with adjusted earnings of 11 cents a share, ahead of an expected figure of 8 cents a share, according to CNBC.

Gross payments volume rose 27%, to $22.6 billion, but that was lower than an expected figure of $22.8 billion, not a significant underperformance but one noted by investors.

The net loss for Square in the quarter was $38 million, up from a loss of $24 million a year ago. That was driven by a significant increase in product development — up 46% year-on-year as well as sales and marketing expenses, which ballooned 73%.

Where investors took serious concern was with Square’s guidance. The company forecast earnings per share of between 14 and 16 cents on adjusted revenue of between $545 million and $555 million, lower than expected.

“Given the significant market opportunity ahead of us, we will continue to be purposeful as we reinvest in our business to drive long-term growth,” Square said in a letter to shareholders. “Our guidance for the full year of 2019 reflects both investment and growing profitability.”

Shares in Square dropped 6% in after-hours trading, to $69.11, their lowest price since late January.

Photo: jdlasica/Flickr