SQ Block Inc

   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OUTLOOK: Square had withdrawn financial projections for the year, citing the business impact of the coronavirus pandemic.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)

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