Payment volume statistics including those from Visa, SpendTrend and Opentable indicate a drop-off in August and possibly September. As such, RBC’s Daniel Perlin thinks Square’s (SQ) Q3 gross profit growth will be affected. This requires a more cautious approach and has resulted in some tweaking to Q3 estimates. Based on a “2yrs stack,” Perlin now expects Cash App gross profit growth in 3Q21 (vs. 3Q19) to rise by 106%, compared to the prior 110% estimate, which will lead to segment gross profit of $525 million, as opposed to the prior forecast of $544 million.
https://www.tipranks.com/news/article/square-lowered-q3-estimates-dont-invalidate-the-bull-case?utm_source=advfn.com&utm_medium=referral
Square (NYSE:SQ)
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