Shares of Square Inc. fell sharply on Thursday after the digital payments firm issued a quarterly earnings and revenue forecast that fell short of consensus estimates late Wednesday.

Company executives warned that second-quarter revenue would come in between $1.09 billion to $1.11 billion, while adjusted revenue would be $545 million to $555 million.

Adjusted earnings would come in at between 14 cents and 16 cents a share, or a net loss of five cents to 7 cents a share.

For the year, adjusted revenue is expected to come in between $2.25 billion and $2.28 billion, while adjusted earnings are expected between 74 cents and 78 cents a share. 

Consensus estimates call for Square to earn 19 cents a share in the June quarter and 74 cents for the year, while revenue estimates call for $555 miillion in the quarter and $2.26 billion.

Shares of Square were down more than 8% in mid-afternoon trading at $67.49 after falling as low as $66.05 on the day.

Subscription and services based revenue for the first quarter rose 126% to $219 million.

The company reported a wider net loss of $38 million, or 9cents a share, compared with a net loss of $24 million, or 6 cents, in the year-ago quarter. After excluding the loss of $14 million related to the company’s Everbright investment, Square had a net loss of $24 million or 6 cents. 

Square reported a 59% gain in first quarter revenue to $489 million, after factoring in one-time adjustments, however absent the adjustments reported a 43% gain in first-quarter revenue to $959 million.