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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

The Latest: New date for Marshall-East Carolina game

first_imgThe Latest: New date for Marshall-East Carolina game League schools may continue with such activities like training and practice in accordance with NCAA, local and state guidelines.The nine-team league operates mostly in the Southeast and does not play football. It is formally known as the Atlantic Sun Conference. ___More AP sports: https://apnews.com/apf-sports and https://twitter.com/AP_Sports ___Kobe Bryant and the rest of this year’s Naismith Memorial Basketball Hall of Fame class won’t be inducted in 2020 — or at the birthplace of basketball.The Hall announced Friday that the enshrinement ceremony will be held May 13-15, 2021, and the entire festivities will be moved to Mohegan Sun Casino in Connecticut.This year was to be a highlight for the Hall of Fame, located in Springfield, Massachusetts. Bryant, killed in January in a helicopter crash, headlined a decorated class featuring Tim Duncan and Kevin Garnett that would have been enshrined in the recently renovated museum.But the coronavirus pandemic scuttled those plans and hit the Hall so hard that it eliminated several full-time positions and cut senior management pay in the 25-40% range. Associated Press Crosby is being counted on to contribute much more after recording 10 sacks as a rookie. He is slated to be a starting defensive end and is the top pass rusher on a team that has struggled to generate consistent pressure in recent years.___The ASUN Conference says it is postponing all fall sports because of the coronavirus pandemic.The announcement from the ASUN’s Presidents’ Council on Friday also says that providing a spring season for men’s and women’s cross country, men’s and women’s soccer and volleyball is a priority.“We’re not in the position today to guarantee it will happen, but we can promise to make every effort to get there. We owe that to our student-athletes, our athletic departments and our institutions,” ASUN Commissioner Ted Gumbart said in a statement. August 14, 2020center_img Both teams had Sept. 12 as an open date after earlier opponents changed their schedules. Marshall was supposed to host Atlantic Coast Conference opponent Pittsburgh that day while East Carolina was traveling to play South Carolina of the Southeastern Conference. The game will be held at East Carolina’s Dowdy-Ficklen Stadium. No time for the game has been determined.___North Carolina State has administered 1,360 tests for COVID-19 to athletes, coaches and athletic staff with just eight people testing positive. The update came Friday with the school saying that out of the last 765 tests administered since it last released results, only one person has come up positive for the coronavirus. Charleston Southern said in it statement Friday the environment with COVID-19 was too “uncertain” to go forward in the fall. The school said the decision will let the football team prepare for games in the spring.___The Las Vegas Raiders have taken edge rusher Maxx Crosby off the reserve/COVID-19 list.Crosby was placed on the list last week. The list was created for players who either test positive for COVID-19 or have been in close contact with an infected person.He was removed on Friday and took part in his first practice. Share This StoryFacebookTwitteremailPrintLinkedinRedditThe Latest on the effects of the coronavirus outbreak on sports around the world:___Marshall and East Carolina have moved their football game from Aug. 29 to Sept. 12. Hall of Fame President and CEO John Doleva says the rescheduled enshrinement festivities, the diminished museum visitation and the uncertainty regarding the Hall’s college and high school basketball events this fall “has forced us to make these very difficult decisions.” Mohegan Sun is a long-time partner of the Hall. Doleva says it can a operate a “near-bubble” to provide a secure environment for guests.___Charleston Southern is suspending its 2020 football season. The school is part of the Division I Big South Conference and competes in the Football Championship Subdivision. The Big South and the NCAA have canceled its plans for a fall championship, although the league did let member institutions play non-conference games if they wanted in the fall.last_img read more