Why Square Just Sold Caviar to DoorDash
Five years ago Square (NYSE: SQ) bought food delivery service Caviar for $44.3 million. At the time, Square CEO Jack Dorsey declared that "Caviar's curated, seamless delivery experience is exactly the kind of service we want to provide buyers and sellers."
Fast forward to Square's recent second-quarter earnings report, and the company just announced that it would sell Caviar to DoorDash for $410 million. The sale nets Square a nice profit, but why is it divesting this once-promising business?
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