For the second quarter, Square reported earnings of USD 0.21 per share on revenue of USD 563 Million. Refinitiv analysts expected earnings of USD 0.17 per share on revenue of USD 557.1 Million.
Square reported that its revenue surged by 46% year-over-year, however, net losses widened to USD 7 Million compared to USD 6 Million the same quarter a year ago. Excluding Square’s Eventbrite investment, the net loss for the quarter was USD 2 Million. As a result, Square decided to sell its food delivery service unit, Caviar, to DoorDash for USD 410 Million.
“We have seen a lot of opportunity to strengthen both these ecosystems but those opportunities require more focus and more investment,” Square Chief Executive Officer Jack Dorsey said on a call with analysts. “To increase our focus, we decided to sell our Caviar business to DoorDash.”
Square said that its Cash App witnessed significant momentum during the quarter, generating revenue of USD 260 Million. Excluding bitcoin, Cash App revenue was USD 135 Million.
As for Square’s third quarter guidance, the Company forecasted earnings between USD 0.18 to USD 0.20 per share versus estimates of USD 0.22 per share. The Company also expects revenue to fall in the range of USD USD 1.13 Billion to USD 1.15 Billion.
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