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Square(SQ)2019Q1決算 弱い予想で売られる


・発表日 2019/5/1 アフターマーケット
・売上 $489M +59.3% コンセンサス予想より+$9.37M
・non-GAAP EPS $0.11 +83.3% コンセンサス予想より+$0.03
GAAP EPS -$0.09
GAAP net income -$38M
・GPV $22.6B +27%
・2019Q2 予想売上(adjusted) $545〜555M(コンセンサス予想 $555.3M)
・2019Q2 予想non-GAAP EPS $0.14〜0.16(コンセンサス予想 $0.18)
・2019FY 予想売上(adjusted) $2.25〜2.28B(コンセンサス予想 $2.25B)
・2019FY 予想non-GAAP EPS $0.74〜0.78

・決算発表後の株価 アフターマーケットで-6.55%
・2019FYコンセンサス予想PER 73.62/0.14=525.85
・2020FYコンセンサス予想PER 73.62/0.26=283.15

shareholder letter ではSquare Online StoreとSquare Invoiceが取り上げられていました。在庫管理や発注をオンラインショップにつなげる試みのようです。

Sell Online - Build a Free Online Store or eCommerce Website | Square

We integrated Square Online Store with a redesigned Square for Retail to provide retail sellers with an industry-specific omnichannel solution. Sellers can now automatically connect their Square for Retail catalog, and manage inperson and online orders directly from the point of sale. Square for Retail also has advanced inventory, purchase order, and vendor management capabilities. Square for Retail attracts larger sellers
as the average annualized GPV of these sellers is nearly $250,000, and 85% self-onboard. Square for Retail sellers also often take advantage of the full ecosystem and have high adoption rates of Square Invoices, Square Capital, and Square Marketing.

New Square Invoices App Takes the Worry and Work Out of Getting Paid for Small Businesses

The average U.S. small business waits approximately 21 days for payment³—while most Square Invoices are paid in one day. 


GPVは22.6B +27%でした。

売上(Total net revenue) $959M +43%

Transaction-based 売上 $657M +26%

Subscription and services-based 売上 $219M +126%

Hardware 売上 $18M +26%




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