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.
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