Shares of Square soared on Tuesday evening after posting better-than-expected quarterly results and strong growth in its consumer payments app.
The San Francisco-based company reported $1.92 billion in net revenue for the second quarter — a 64% jump year over year. Adjusted earnings per share came in at 18 cents, far better than the 5 cent loss analysts polled by Refinitiv had expected. Net loss was $11 million on a GAAP basis.
Its peer-to-peer Cash App, a competitor to PayPal's Venmo, helped drive Square's performance in the second quarter. Gross gross profit for the app rose 167% year over year to $281 million. Stored funds, or the amount of money customers keep on the app, jumped 86% from the prior quarter. The app had 30 million users as of June, up from 26 million in December, according to the company.
Despite the growth in Cash App, the company is heavily indexed to small businesses, such as coffee shops and restaurants, through its in-person payment terminals. Many of those brick-and-mortar businesses were forced to shut their doors amid the pandemic. Gross profit for Square's core seller business fell 9% year over year to $316 million.
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