Square, Inc. (SQ) NYSE — Nasdaq partners with Postmates in building capacity for small businesses to dispatch delivery drivers for orders placed on their own sites. Square Inc. will let small businesses offer courier delivery through partners as small business merchants look for new ways to generate revenue.
Square US:SQ will charge a flat fee of $1.50 per order to merchants that use the service. Drivers will also be able to add their own fees. Buyers have the ability to track their orders through live maps.
In April customers moved to store more than $1.3 billion in aggregate balances on the Cash app during the month.
Square’s Cash App was doing very well pre- pandemic. They are doing even better now during the pandemic. Direct deposits of stimulus payments also played a key factor in the rise of the Square App.
Customers have used peer-to-peer payments, our primary customer acquisition tool, in new and powerful ways as they adapt to COVID-19 shelter in-place and social-distancing measures. The company has seen customers supporting one another through religious donations, fundraising, online tipping, webcast events, and social giving.
Total net revenue was $1.38 billion in the first quarter of 2020, up 44% year over year. Excluding Caviar from the first quarter of 2019, total net revenue was up 51% year over year. Gross profit was $539 million in the first quarter of 2020, up 36% year over year.
Excluding Caviar from the first quarter of 2019, gross profit was up 40% year over year. In the first quarter of 2020, our Seller ecosystem1 generated $853 million of total net revenue and $356 million of gross profit, which increased 16% and 18% year over year, respectively. Cash App generated $528 million of total net revenue and $183 million of gross profit, which increased 197% and 115% year over year, respectively.[i]
Billionaire Jack Dorsey is CEO and Chairman of Square, CEO of Twitter, and co-founder of both. The CEO announced that he was putting an estimated 28% of his total wealth, or $1 billion, into relief efforts for the global coronavirus pandemic.
[i] https://squareup.com/us/en/about/investors
CWEB Analysts see the stock as a potential for long term growth and a great addition to one’s portfolio and upward of $200 by 20121
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