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SQUARE, INC.

(SQ)
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Square Shares Fall After Agreeing to Buy Payment Firm for $29 Billion, Posting Lower-Than-Expected 2Q Revenue

08/02/2021 | 07:18am EDT

By Dave Sebastian

Square Inc. shares fell 4.4% in premarket trading Monday after the financial technology company agreed to buy payment firm Afterpay Ltd. in an all-stock deal worth about $29 billion and posted lower-than-expected revenue for the second quarter.

The financial-technology company on Sunday said a key attraction of the deal was a growing wariness toward traditional credit among younger consumers, a group particularly hard hit by the Covid-19 pandemic, as lockdowns crushed many hospitality and casual jobs. Afterpay's technology allows users to pay for goods in four, interest-free installments while receiving the goods immediately.

The company posted net revenue of $4.68 billion, up from $1.92 billion in the comparable period last year. Analysts polled by FactSet were looking for $5.03 billion.

Transaction-based revenue rose to $1.23 billion from $682.6 million, and bitcoin revenue rose to $2.72 billion from $875.5 million.

The company posted net income attributable to shareholders of $204 million, compared with a loss of $11.48 million in the year-ago period. Earnings were 40 cents a share, compared with a loss of 3 cents a share.

Adjusted earnings were 66 cents a share. Analysts were expecting 31 cents a share.

Shares were down after closing at $247.26 on Friday.

Write to Dave Sebastian at dave.sebastian@wsj.com

(END) Dow Jones Newswires

08-02-21 0717ET

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Analyst Recommendations on SQUARE, INC.
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Financials (USD)
Sales 2021 19 197 M - -
Net income 2021 364 M - -
Net cash 2021 927 M - -
P/E ratio 2021 343x
Yield 2021 -
Capitalization 115 B 115 B -
EV / Sales 2021 5,94x
EV / Sales 2022 5,27x
Nbr of Employees 5 477
Free-Float 85,2%
Chart SQUARE, INC.
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Square, Inc. Technical Analysis Chart | SQ | US8522341036 | MarketScreener
Technical analysis trends SQUARE, INC.
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Income Statement Evolution
Consensus
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Mean consensus OUTPERFORM
Number of Analysts 42
Last Close Price 250,23 $
Average target price 296,16 $
Spread / Average Target 18,4%
EPS Revisions
Managers and Directors
Jack Dorsey Chairman, President & Chief Executive Officer
Amrita Ahuja Chief Financial Officer & Treasurer
James Morgan McKelvey Independent Director
Lawrence Henry Summers Independent Director
David Alan Viniar Lead Independent Director
Sector and Competitors
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GLOBAL PAYMENTS INC.-25.67%47 035
AFTERPAY LIMITED6.44%26 444
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FLEETCOR TECHNOLOGIES, INC.-6.52%21 067