Square cuts first-quarter estimated revenue by $ 800 million

Due to the coronavirus crisis, Square has cut its first-quarter estimated revenue by $ 800 million. According to the company's announcement on March 24, it wasn't until about 10 days ago that the coronavirus became a factor in the company's development. Square said that although the situation in early March was basically in line with the company's expectations, in the past 10 days, the seller's GPV (total processing volume) has decreased by about 25% year-on-year, and the decline has been even greater in recent days. Square adjusted its total net income for the first quarter from an estimated $ 1.3-13.44 billion to $ 515-525 million. The company was also forced to withdraw its full-year guidance for 2020, and "expects to provide further updates to its first quarter 2020 financial report in May."