Instrument Summary
Square is a financial technology company that started in 2009 with the creation of a device, called the Square Reader, that made it possible for merchants to accept credit and debit card payments virtually anywhere by plugging the device into a mobile phone. Since then the San Francisco-based company has branched out into other financial hardware and software products such as Cash App, which enables individuals to send money to friends and family instantly as well as to spend, store, and invest money.
In October 2020, Square announced the purchase of US$50 million of Bitcoin to "provide a way for the world to participate in a global monetary system." In November 2020, the company agreed to acquire Credit Karma's tax service that will enable consumers to complete and file their tax returns for free. And in March 2021 the company announced the launch of Square Financial Services, an industrial bank that offers loans and deposit products to business customers.
For full-year 2020, Square reported a net income of US$213.1 million, down from US$375.4 million in 2019. This occurred despite an increase in revenue to US$9.5 billion from US$4.6 billion, because the company's operating expenses rose 48%. Square's ticker symbol is SQ.
Shares
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