(Bloomberg) -- Jack Dorsey's Square Inc. reported earnings per share for the quarter that beat analyst estimates, alleviating some of the growth concerns for the payments company, whose shares have fallen about 20% over the past 12 months.
Key Insights
- Square reported adjusted revenue of $602 million for the quarter, up 40% from the same quarter last year.
- Gross payment volume was $28.2 billion for the quarter, up from $22.5 billion in the same quarter last year.
- Square reported net revenue for its Cash App of $159 million, excluding Bitcoin, for the quarter, up 115% year-over-year.
- The company recently completed the sale of its food delivery app, Caviar, to DoorDash Inc.
Market Reaction
- Shares of the company were little changed in after-hours trading.
- Year-to-date, the stock was up about 9% as of the close of trading Wednesday, compared to 23% for the S&P 500.
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- In a report out this week, Nomura Instinet analyst Bill Carcache said he sees Square's Cash App users as less loyal than those of rival service Venmo, owned by PayPal Holdings Inc. According to his note, of the 44 million Cash App downloads through the end of December 2018, only about 15 million are still active.
To contact the reporter on this story: Julie Verhage in New York at jverhage2@bloomberg.net
To contact the editors responsible for this story: Mark Milian at mmilian@bloomberg.net, Anne VanderMey
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