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Square stock soars after massive earnings beat helped by Cash App

first_img– Advertisement – Shares of Square surged 13% on Friday after blowing past Wall Street’s expectations for the quarter a day earlier.The San Francisco-based payments company reported a 140% increase in net revenue to $3.03 billion in the third quarter. Adjusted earnings came in at 34 cents, more than double what analysts polled by Refinitiv expected.The Square Cash app was a key driver of the strong results, and of analysts’ enthusiasm. The payments and banking app more than tripled its gross profits from a year ago, and made up almost half of the company’s total gross profit of $794 million.- Advertisement – The app began as a peer-to-peer payment option, similar to PayPal’s Venmo. But Square has since launched multiple bank-like products that piggyback on the app, including cryptocurrency and stock trading, that have driven stronger unit economics and profitability than Venmo. The results were a hit among multiple Wall Street analysts who recommended the stock to clients on Friday. Citi, Cannacord Genuity, Needham, Mizuho and Susquehanna upgraded price targets on Square after the break-out quarter. In a note to clients, Citi analyst Peter Christiansen called Square’s growth opportunity “too big to ignore.”Lisa Ellis of Moffett Nathanson maintained her “buy” rating on Square but increased earnings estimates through 2021. Despite the stock’s run-up this year and “rather elevated investor expectations,” the company managed to “beat by a mile,” Ellis said in a note to clients.- Advertisement – Guggenheim’s Jeff Cantwell highlighted potential for Square to mimic the success of China’s Alipay, writing that “Square should build Cash App into a super app.” Dan Dolev of Mizuho pointed to growth in the Cash App’s brokerage feature, and said the app showed it “can also be Robinhood,” referring to the popular free-trading app.The boom in Cash App offset relatively slower growth in Square’s core seller business that provides in-person payments at brick and mortar locations, such as coffee shops. Small businesses who rely on Square’s payment terminals have been hit especially hard during the pandemic. But the seller business sustained “its remarkable rebound,” Moffett Nathanson’s Ellis said, with gross profits up 12% from the year-ago quarter.The stock is up 217% year to date, and has gained 28% in the past week alone.center_img Twitter and Square CEO Jack Dorsey speaks during a press event at CES 2019 on January 9, 2019 in Las Vegas, Nevada.David Becker | Getty Images News | Getty Images – Advertisement –last_img read more

Visionary tackles racial injustice in communities

first_imgFollow us on Twitter @dailytrojan Tim Wise, an author and anti-racism activist, led a discussion about race and privilege Monday night in Bovard Auditorium.The event, called “White Like Me: An Honest Discussion About Race and Privilege,” was sponsored by the USC Latino Student Assembly in conjunction with El Centro Chicano, the Black Student Assembly and the Asian Pacific American Student Assembly.“We thought it would be interesting to have someone who is Caucasian talking about these issues, since it would usually be someone of color,” said Valerie Fernandez, executive director of the Latino Student Assembly.Wise’s lecture informed students that issues of race should be spoken about more frequently and openly. He discussed how society should be unafraid to look at the systems in which we operate, and analyze how we tackle issues of race.He placed responsibility to be aware of racism on all members of society, not just people of color. Wise explained the importance of being aware of the issues that people of color face, especially for Caucasian people.“We’re not intentionally oppressive, but we are often oblivious to the experience of others and this is very dangerous,” he said.Wise said fighting white supremacy is an issue all people should be concerned with. During the lecture, he spoke of his views regarding how continued racism is a prevalent issue today.“When you fight white supremacy, you are not doing it to save people of color as a charity. If we don’t make change now, it will destroy our children and our grandchildren,” he said. “This is not charity, but rather self-help.”Students appreciated the new perspective that Wise gave on issues of race through his experiences as a Caucasian male.“He was able to talk about issues that are usually only addressed by black people. It really touched me that a person that is not my color skin is willing to help my cause,” said Levi Powell, the student affairs and diversity chair of BSA.Having these discussions about race is only the first step, Wise said. He told audience members that everyone needs to take these conversations as an impetus for action.Aneesha Gupta, a freshman majoring in computer science, said that Wise’s words opened her eyes to ways to take action to help defeat racism in society.“The discussion was really interesting for me since I grew up in a primarily white area,” Gupta said. “The lecture was a nice reality check that these issues exist, and to hear the effects they have on people here,” she said.last_img read more