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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

USA Swimming calls for Tokyo Olympics postponement

first_img Promoted Content5 Of The World’s Most Unique Theme ParksHow Most Popular Food In The World Came To BeWho Is The Most Powerful Woman On Earth?10 Risky Jobs Some Women DoPlaying Games For Hours Can Do This To Your BodyNothing Compares To Stargazing Places Around The WorldWhat Happens To Your Brain When You Play Too Much Video Games?7 Theories About The Death Of Our UniverseBirds Enjoy Living In A Gallery Space Created For Them10 Stunning Asian Actresses No Man Can ResistThe Funniest Prankster Grandma And Her Grandson14 Hilarious Comics Made By Women You Need To Follow Right Now Loading… Their ultra-competitive Olympic trials are scheduled for June 21-28 in Omaha, Nebraska. But some of the sport’s biggest stars – including freestyle great Katie Ledecky – have seen their preparations disrupted as pools and other training facilities have been shuttered. The USOPC responded Friday to Hinchey’s letter in a joint statement from Hirshland and Lyons. “The USOPC has complete and total empathy for the athlete community as they manage the terrible stress and anxiety caused by the current lack of certitude regarding the Tokyo Games,” the statement said. “We understand that the athletes have concerns about training, qualification and anti-doping controls, and that they want transparency, communication and clarity to the full extent possible. The USOPC has made it clear that all athletes should put their health and wellness, and the health and wellness of the greater community, above all else at this unprecedented moment. “At the same time, and as it relates to the Games, we have also heard from athletes that they want the Olympic and Paralympic community to be very intentional about the path forward – and to ensure that we aren’t prematurely taking away any athletes’ opportunity to compete in the Olympic and Paralympic Games until we have better clarity.” – ‘Higher calling’ – Bob Bowman, the coach who guided swimming great Michael Phelps to 28 Olympic medals – 23 of them gold – said postponing the Games was the best option. Read Also: Tyson pockets £20k in 6 hours charging fans £250 per video messages “It’s not only best from a performance statement for the athletes, but also for what these athletes are going through right now in terms of their mental health,” Bowman told USA Today. “My concern is as they are trying to find places to train and work out, it goes against what we’re supposed to be doing to not get the coronavirus. “It’s forcing them to try to do things that are contrary to our national goal right now. I think there’s a higher calling than just your athletic goals. It forces people to kind of work around those and that’s not good.” FacebookTwitterWhatsAppEmail分享 center_img USA Swimming has urged the US Olympic and Paralympic Committee to back the postponement of the 2020 Tokyo Games amid the disruption caused by the coronavirus pandemic. The US Swimming Federation wants US Olympic officials to push for postponement of the Tokyo Games in the midst of the coronavirus pandemic In a letter to US Olympic and Paralympic Committee (USOPC) chief executive Sarah Hirshland, posted on USA Swimming’s Twitter feed on Friday, swimming federation chief executive Tim Hinchey “respectfully requested” that the USOPC “advocate for the postponement of the Olympic Games Tokyo 2020 by one year,” to 2021. “We urge the USOPC, as a leader within the Olympic Movement, to use its voice and speak up for the athletes,” Hinchey wrote. USA Swimming made the letter public after the US Olympic chiefs said in a conference call on Friday that more time was needed to determine the fate of the Tokyo Games. USOPC chairwoman Susanne Lyons said the American governing body agreed with the International Olympic Committee (IOC) that there was no need to make an immediate decision. USA Swimming said Hinchey’s letter was the result of a conference call consultation with 85 national team athletes who expressed their concerns to the federation. USA Swimming said social distancing protocols and the stay-at-home orders issued in some parts of the United States in a bid to combat the spread of the deadly virus had already proved too disruptive to training. “As this global pandemic has grown, we have watched our athletes’ worlds be turned upside down and watched them struggle to find ways to continue to prepare and train – many for the biggest competitive opportunity of their lives,” Hinchey wrote. “The right and responsible thing to do is to prioritize everyone’s health and safety and appropriately recognize the toll this global pandemic is taking on athletic preparations. “It has transcended borders and wreaked havoc on entire populations, including those of our respected competitors. Everyone has experienced unimaginable disruptions, mere months before the Olympic Games, which calls into question the authenticity of a level playing field for all. “Our athletes are under tremendous pressure, stress and anxiety, and their mental health and wellness should be among the highest priorities.” The United States, long an Olympic swimming powerhouse, won 33 medals in the Rio Olympic pool in 2016.last_img read more