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Square reports bigger quarterly loss; to sell Caviar to DoorDash

Published 08/01/2019, 04:25 PM
Updated 08/01/2019, 04:31 PM
Square reports bigger quarterly loss; to sell Caviar to DoorDash

(Reuters) - Payments processor Square Inc (NYSE:SQ) reported a bigger second-quarter loss on Thursday, as product development and marketing expenses jumped, and said it would sell its food-ordering platform Caviar to DoorDash.

The company, founded and led by Twitter Inc (NYSE:TWTR) Chief Executive Officer Jack Dorsey, said net loss widened to $6.7 million, or 2 cents per share, in the three months ended June 30 from $5.9 million, or 1 cent per share, a year earlier. (https:// DoorDash will buy Caviar for $410 million in cash and preferred stock, the food delivery company said.

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