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Mobile payments firm Square has lowered its revenue outlook for Q1 2020 due to the uncertain market conditions caused by Covid-19.

The firm has now revised its Q1 total net revenue forecast to $1.3bn–1.34bn and expects its gross profit to be between $515m and $525m.

It also withdrew its 2020 guidance and intends to offer updated guidance in May.

From the beginning of this month, the pandemic is said to have led to a decline in the gross processing volume (GPV) for its seller ecosystem.

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The firm reported a 25% decrease in seller GPV in ten days and a sharper fall in recent days.

Before the Covid-19 impact in the US, the firm’s gross profit in January and February surged 47%, or 51% excluding Caviar from the 2019 period.

The firm attributed the rise in profit during that period to momentum across its Seller and Cash App ecosystems.

Seller gross profit in the first two months of this year jumped 32% from the prior-year period. Cash App gross profit soared 118% over the period.

The firm stated: “While the beginning of March was relatively in-line with the company’s expectations, over the trailing ten-day period Seller GPV has declined by approximately 25% year over year, with greater declines in recent days.

“This has offset relative strength in the Cash App ecosystem, where the impact on gross profit growth has been less pronounced.”