Square (NYSE: SQ) reported Q3 EPS of $0.34, $0.18 better than the analyst estimate of $0.16. Revenue for the quarter came in at $3.03 billion versus the consensus estimate of $2.05 billion.

October Trends and

Forward-Looking Commentary

Given the uncertainty around the impact and severity of COVID-19, we wanted to provide an update on the trends in our business during the month of October.

BUSINESS TRENDS

Seller ecosystem

• In October, Seller delivered positive revenue and gross profit growth year over year. Seller GPV was up 8% year over year, which improved modestly compared to year-over-year results in the third quarter.

• Seller GPV from card-not-present transactions was up 23% year over year in October, which was relatively consistent with year-over-year growth in the third quarter. We saw continued strength in GPV from our online channels.

• Seller GPV from card-present transactions was up 1% year over year in October, which improved modestly compared to year-over-year results in the third quarter. Growth trends continued to vary by region, product, and vertical, depending primarily on differences in the timing and phases of reopenings, which we expect will have a significant impact on overall GPV trends.

Cash App ecosystem

• In October, Cash App delivered strong revenue and gross profit growth year over year.

• We achieved strong acquisition of net-new transacting active Cash App customers and increased adoption of other products in our ecosystem.

• Gross profit growth in October moderated compared to the third quarter, driven by a decrease in transaction volume per active customer. We believe this was partly a result of the end of government stimulus programs and unemployment benefits at the end of July, as stored funds in Cash App have decreased since July. We recognize Cash App growth may not sustain at the same levels during the remainder of the fourth quarter.

For earnings history and earnings-related data on Square (SQ) click here.