shares tumbled morethan 19% during morning trading on May 6, continuing an after-hours decline theprevious day.
OnMay 5, the payments company reported a net loss of $96.8 million, or 29 cents per share, comparedwith a loss of $48.0 million, or 33 cents per share, year over year. TheS&P Capital IQ consensus GAAP EPS estimate for the quarter was a loss of 12cents.
Thecompany noted in its first-quarter shareholder letter that a 180-day lockupperiod on the company's stock will expire on May 16. About 64 million stockoptions and warrants covered by the lockup will be released and could beexercised at that time.
Square began trading on Nov. 19, 2015. The company's IPO waspriced at $9.00 per share.
Thecompany's shares had fallen 19.69% to $10.48 as of 11:17 a.m. ET.