Square shares slip 4% after news of Afterpay purchase and revenue miss
Square Inc.’s surprise release of its quarterly earnings report Sunday was its second-biggest news of the night, behind the announcement that it plans to purchase Australian buy-now pay-later company Afterpay Ltd. in a $29 billion all-stock deal.The payment-processing company posted second-quarter net income of $204.0 million, or 40 cents a share, whereas it reported a loss of $11.5 million, or 3 cents a share, in the year-prior quarter.
The company saw $2.72 billion in bitcoin BTCUSD, -4.88% revenue, but $2.67 billion in bitcoin costs during the quarter.Square disclosed that in the month of June, it had 40 million monthly transacting active customers for the Cash App. A presentation slide deck focused on the Afterpay deal referenced “70 million annual active Cash App customers.”
Square’s seller business brought in $1.31 billion of revenue and $585 million of gross profit in the quarter. Square highlighted improvements in in-person spending amid a relaxing of restrictions around the pandemic, though online channels still contributed “strong growth,” per the investor letter.
México Últimas Noticias, México Titulares
Similar News:También puedes leer noticias similares a ésta que hemos recopilado de otras fuentes de noticias.
Square Acquires Afterpay for $29 Billion in All-stock DealSquare Inc. said it reached a deal with Afterpay Ltd. to acquire the buy now, pay later company in an all-stock deal valued at $29 billion.
Leer más »
Jack Dorsey's Square to buy Afterpay for $29 billion in stockBusiness Insider tells the global tech, finance, markets, media, healthcare, and strategy stories you want to know.
Leer más »
Square Agrees to Acquire Afterpay for $29 Billion in All-Stock DealSquare agreed to an all-stock deal worth around $29 billion to acquire installment-payment company Afterpay
Leer más »
Square to buy Australia's Afterpay in $29 bln all-stock dealU.S. fintech company Square Inc (SQ.N) said on Monday it had agreed to purchase Australian buy now/pay later giant Afterpay Ltd (APT.AX)in an all-stock deal worth about $29 billion.
Leer más »
Afterpay’s $29 bln Square deal taps new realityTapping into the Olympic spirit, Afterpay (APT.AX) is setting a new Australian record. In the country’s biggest merger, the unprofitable instalment-payments darling agreed to sell itself for A$39 billion ($29 billion) to Square (SQ.N), the U.S. company led by Jack Dorsey and best known for developing a credit-card reader used on mobile devices. The price tag, at a discount to its recent high, acknowledges a new market reality.
Leer más »
Jack Dorsey's Square agreed to buy Afterpay, which has a 'buy now, pay later' service, for $29 billion in stockSquare, which is owned by Twitter CEO Jack Dorsey, said Afterpay's buy now, pay later service would be added to its Seller and Cash app products.
Leer más »