Square Shares Jump More Than 10% in After-Hours Trade
August 04 2020 - 9:03PM
Dow Jones News
By Kimberly Chin
Square Inc. shares rose more than 10% after hours to $151.80
after the company said usage of its Cash App and Cash Card
increased as consumer spending picked up following the easing of
coronavirus-lockdown measures.
Shares of the mobile-payments company closed at an all-time high
of $136.83 on Tuesday after it said second-quarter sales jumped 64%
to $1.92 billion from a year ago.
Gross profit from Square's Cash App nearly tripled as more
customers increased spending using the ecosystem to make
transactions.
In June, the San Francisco, Calif.-based company had 30 million
monthly transacting active customers on Cash App and more than 7
million active customers using its Cash Card for spending, it
said.
Square said customers are increasingly adopting other products
after their first month of activating Cash App, including the Cash
Card, direct deposit and bitcoin investing.
"We remain focused on helping Cash App customers access our
broader ecosystem of financial tools, including Cash Card," the
company said in a letter to investors.
Shares of Square have more than doubled this year as consumers
and sellers adapt to digital and contactless commerce during the
coronavirus pandemic.
Write to Kimberly Chin at kimberly.chin@wsj.com
(END) Dow Jones Newswires
August 04, 2020 20:48 ET (00:48 GMT)
Copyright (c) 2020 Dow Jones & Company, Inc.
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