Square's 2Q Loss Widens, Gross Payment Volume Falls -- Earnings Review
05 Agosto 2020 - 2:19AM
Dow Jones News
By Maria Armental
Square Inc. reported second-quarter results on Tuesday, showing
the effects of the coronavirus pandemic. Here's what you need to
know:
LOSS: Net loss widened to $11.5 million, or 3 cents a share,
from $6.7 million, or 2 cents a share, a year earlier. On an
adjusted basis, Square reported a profit of 18 cents a share, down
from 21 cents a share a year earlier.
REVENUE: Net revenue rose to $1.92 billion from $1.17 billion a
year earlier.
PAYMENT VOLUME: Gross payment volume fell 15% to $22.8 billion,
a smaller drop than analysts had projected, according to
FactSet.
OUTLOOK: Square had withdrawn financial projections for the
year, citing the business impact of the coronavirus pandemic.
PANDEMIC: Square is more exposed to small businesses, hard hit
by the pandemic, and had warned that the spread of coronavirus had
hit gross processing volume. On Tuesday, it said that trends had
improved sequentially each month in the quarter helped, in part, by
sellers resuming operations as pandemic-related restrictions
eased.
PPP: Square Capital facilitated about $873 million in Paycheck
Protection Program loans in the quarter.
Shares of Square gained 10.36% to a record high $151 in
after-hours trading.
Write to Maria Armental at maria.armental@wsj.com
(END) Dow Jones Newswires
August 04, 2020 20:04 ET (00:04 GMT)
Copyright (c) 2020 Dow Jones & Company, Inc.
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