Why Square Stock Rose This Week
Shares of digital payments company Square (NYSE: SQ) rose by more than 11% this week after it reported its second-quarter earnings and announced it would be acquiring Australian fintech company Afterpay (OTC: AFTP.F).
Square reported diluted earnings per share of $0.40 in the quarter on total net revenue of $4.7 billion. EPS beat analysts' expectations handily, but revenue fell short of the consensus prediction by more than $300 million.
However, the real news that seemed to drive the stock this week was the announcement that Square plans to acquire Australian-based fintech Afterpay in an all-stock transaction valued at $29 billion. Afterpay is a buy now, pay later company that enables customers to obtain their purchases right away and pay for them in four interest-free installments.
Source Fool.com
