Today's video focuses on Square (SQ -1.94%), recent news affecting the company, and its earnings report, released on Nov. 4 after the market closed. Here are some highlights from the video.
- Square reported $1.13 billion in gross profit up 43% year over year (YoY) and roughly flat quarter over quarter. Gross profit growth was driven by double-digit growth in its Seller and Cash App ecosystems. Seller gross profit was $606 million, up 48% YoY, and Cash App gross profit was $512 million, up 28% YoY.
- Square is increasing its global solutions. It released omnichannel solutions to France and numerous other solutions to Canada and the U.K. during its third quarter. Most recently, on Nov. 18 Square released new marketing tools to its customers in Canada.
- Management continues to find ways to integrate Square's seller ecosystem with its Cash App ecosystem. Cash Pay App is a new solution that allows Cash App users to pay Square merchants effortlessly. Cash App is also now available in the U.S. for users over 13, with parental permission. Once those users reach 18, Square will be able to cross-sell other financial solutions to them.
Click the video below for my full thoughts and analysis.
*Stock prices used were the midday prices of Nov. 29, 2021. The video was published on Nov. 29, 2021.
