(Bloomberg) -- Square Inc. gave an earnings forecast for the current quarter and the full year that came up short of analysts’ already high expectations, a rare miss in more than two years.

In the current quarter, Square sees adjusted earnings per share of 8 cents to 10 cents, missing analysts’ average projection of 13 cents. For the full year, the company is predicting 42 cents to 46 cents, it said in a statement Wednesday. Analysts average estimate was 46 cents, according to data compiled by Bloomberg.

Square has seen its stock almost double this year, putting pressure on the company to outperform analysts’ expectations even as it boosts spending to confront increasing competition from the likes of PayPal Holdings Inc. The stock fell 1.3 percent in extended trading.

A growing amount of Square’s revenue is coming from higher-margin services like loans, instant deposits, food delivery, and employee management software. Earlier this month EBay Inc. announced a new partnership with Square that will allow it to offer merchant loans of up to $100,000. The agreement gives Square visibility into the financial risk of millions of small EBay vendors, providing valuable leads on potential loan customers.

"We believe the steady evolution of Square’s platform increases its ability to win larger merchants as payment customers, while opening the door to various consumer monetization and other business software opportunities," Paul Condra, analyst at Credit Suisse, wrote in a note before the earnings were released.

In the second quarter, adjusted revenue rose 60 percent to $385.4 million. That exceeded analyst expectations of $365.2 million. Adjusted earnings per share were 13 cents while analysts were looking for 11 cents.

“Clearly our investments are proving themselves to drive growth,” said Chief Financial Officer Sarah Friar.

Square also made its biggest-ever acquisition in April, buying website-builder Weebly for $365 million. The deal is a linchpin in Square’s strategy to build its online and e-commerce offerings for small and medium-sized businesses.

The company boosted its adjusted revenue forecast for the year to as much as $1.54 billion, from an earlier estimate of as much as $1.48 billion. The company reported gross payments volume of $21.4 billion, up 30 percent from a year earlier.

Square has also been pushing into cryptocurrencies, a move Wall Street has seemed to endorse. Dorsey said the company would introduce Bitcoin trading to almost all users of Square cash, which allows people to transfer money to friends and family. New York granted Square a virtual-currency license in June, letting customers in the state buy and sell Bitcoin.

The move has fueled growth for the app, which had more than 7 million monthly active customers in December and recently surpassed PayPal’s Venmo in the number of downloads, according to data insights company SensorTower.

Still, Square has run into a few roadblocks in some of its other pushes into financial services. The company withdrew its applications with the Federal Deposit Insurance Corporation for a banking charter earlier this month, but said it plans to resubmit. The charter allows nonbank companies to operate retail and banking businesses, and it could save Square money by eliminating the need for a loan-origination partner.

To contact the reporter on this story: Selina Wang in San Francisco at swang533@bloomberg.net

To contact the editors responsible for this story: Jillian Ward at jward56@bloomberg.net, Molly Schuetz, Andrew Pollack

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