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Square(SQ)2019Q2決算 弱いガイダンスで売られる


・発表日 2019/8/1 アフターマーケット
・売上 $563M +46.2% コンセンサス予想より+$5.33M
・non-GAAP EPS $0.21 +61.5% コンセンサス予想より+$0.05
GAAP EPS -$0.02
GAAP net income -$6.7M
・GPV $26.8B +25%
・Gross profit $466M +48%
・2019Q3 予想売上(adjusted) $590〜600M(コンセンサス予想 $599M)
・2019Q3 予想non-GAAP EPS $0.18〜0.20(コンセンサス予想 $0.22)
・2019FY 予想売上(adjusted) $4.41〜4.47B(コンセンサス予想不明、前回発表と変わらず)
・2019FY 予想non-GAAP EPS $0.74〜0.78(コンセンサス予想不明、前回発表と変わらず)

・決算発表後の株価 アフターマーケットで-6.89%
・2019FYコンセンサス予想PER 80.98/0.15=539.86
・2020FYコンセンサス予想PER 80.98/0.26=311.46


Square sells food-delivery service Caviar to DoorDash for $410 million


Finally, we have entered into an agreement to sell Caviar, which will allow for improved focus and greater investment in our seller and cash ecosystem where we have seen attractive returns. With the pending sale of Caviar, we are maintaining our full year 2019 guidance for 43% adjusted revenue growth year-over-year and 60% adjusted EBITDA growth year-over-year at the midpoints.

We will update our guidance after the close of the transaction. Similar to prior quarters, we intend to reinvest outperformance back into the business to capture the long-term opportunities ahead of us. We expect most of our incremental seller ecosystem sales and marketing expenses to land in Q3 and the early part of Q4 when we know businesses make decisions and spend can be more effective prior to the holidays. We expect these investments to benefit us and drive growth in the future.


Total net revenue $1.17B +47%

Transaction-based revenue $776M +24%

Subscription and services-based revenue $251M +87%

Hardware revenue $22M +21%

Cash app revenue $135M(bitcoin除く)




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