Square, Inc. SQ shares are trading lower after the company reported Q2 earnings results and announced it plans to acquire Afterpay in an all-stock deal valued at approximately US$29 billion.
The company reported second-quarter earnings per share results of 66 cents which beat the 30 cent estimate and sales results of $4.68 billion which came below the estimate of $4.99 billion.
Afterpay shareholders will receive a fixed exchange ratio of 0.375 shares of Square Class A common stock for each Afterpay ordinary share they hold on the record date.
Square, Inc., together with its subsidiaries, creates tools that enables sellers to accept card payments; also provide reporting and analytics, and next-day settlement.
Square's stock was trading about 4.3% lower at $236.48 per share. The stock has a 52-week high of $283.19 and a 52-week low of $130.26.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Comments
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
