Square Follows in Twitter's Footsteps in Pulling Guidance
Just a day after Twitter pulled its first-quarter guidance due to the COVID-19 pandemic, mobile payments processor Square (NYSE: SQ) has followed suit in updating its outlook in response to the public health crisis. Jack Dorsey serves as the CEO of both companies. With much of its business built on providing financial services to small and local businesses like coffee shops and independent retailers, Square is expectedly facing considerable risk, as many of those types of businesses are bearing the brunt of lockdowns of non-essential commerce as officials try to contain the virus.
Here's how bad things might get for Square in the near term.
The Cash App is holding up better than other parts of the business. Image source: Square.
Source Fool.com
