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Square shares tank after payments company lowers guidance for the second quarter

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Square shares dropped after the company reported weaker-than-expected gross payments volume and lowered its guidance for the second quarter.

San Francisco-based Square is well-known in the payments sector for its credit card processor, payment hardware and popular peer-to-peer Cash app. It has also moved into small business lending through Square Capital.

The payments processor beat analysts' estimates on earnings and revenue. Here's how the company performed in the first quarter vs. what Wall Street was expecting:Adjusted revenue: $489 million vs. $478 million, forecast by RefinitivGross payments volume came in at $22.6 billion, versus $22.8 billion analysts were expecting.

San Francisco-based Square, run by Twitter CEO Jack Dorsey, is well-known in the payments sector for its credit card processor, payment hardware and popular Cash App. Gross payment volume, or GPV, on the Cash App grew roughly 150 percent year over year. Last quarter, Square's peer-to-peer Cash App reported more than 15 million monthly active customers in December 2018, doubling from a year earlier.

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