Block, Inc. - SQ STOCK NEWS

Square will host its fifth annual partner and developer conference, Square Unboxed, on May 13, 2021. The virtual event will include a fireside chat with co-founders Jack Dorsey and Jim McKelvey, alongside new product announcements and partnerships. Keynote speaker Simone Giertz and remarks from team members will highlight the importance of partners in supporting sellers during challenging times. Over the past five years, Square's open platform has expanded to meet diverse business needs, emphasizing solutions that foster connections among sellers, developers, and customers.

Square has launched new inventory management features for Square for Retail, designed to help sellers automate and enhance inventory processes. Key features include Easy Item Create, Quick Inventory Counting, and Smart Stock Alerts, which streamline stock management. A recent survey indicated that nearly 90% of retailers are now selling online, underscoring the importance of these tools. Square aims to assist businesses in adjusting to new consumer habits and improving operational efficiency as they prepare for future market changes.

Square has partnered with the Small Business Administration (SBA) to support the Restaurant Revitalization Fund (RRF), a $28.6 billion program aimed at aiding food and beverage businesses affected by the COVID-19 pandemic. Eligible restaurants can access RRF awards through Square's dashboard if they processed payments with Square in 2019 and 2020. Bruce Bell, head of Square for Restaurants, emphasized the need for tools and support for sellers as they prepare to reopen.

Square will announce its financial results for Q1 2021 on May 6, 2021, after market close. The company will also host a conference call and earnings webcast at 2:00 p.m. PT/5:00 p.m. ET to discuss these results. Interested participants can register for the conference call via Square's Investor Relations website. Square, listed on NYSE under the symbol SQ, has transformed payments since its inception in 2009, providing tools for businesses and individuals to thrive in the economy.

Square, Inc. (SQ) released a report examining the impact of COVID-19 on global commerce, highlighting a significant rise in cashless transactions. From February 2020 to February 2021, cashless businesses in the U.S. doubled from 6.3% to 14%, while cash transactions fell from 37.4% to 30.5%. By February 2021, 45% of U.S. Square sellers accepted online payments, up from 30%, and 74% accepted contactless payments. Despite the trend, 73% of American consumers believe the U.S. will never be entirely cashless.

Square published its 2020 Corporate Social Responsibility (CSR) Report, highlighting its commitment to sustainability and inclusivity amid pandemic challenges. The report outlines goals like achieving net zero carbon emissions by 2030 and investing $100 million in minority communities. Key initiatives include a $10 million investment in clean energy for Bitcoin mining and facilitating over $850 million in Paycheck Protection Program loans for small businesses. Square also reported increased diversity within its workforce and emphasized strong corporate governance practices.

Square, Inc. (NYSE: SQ) announced a definitive agreement to acquire a majority stake in TIDAL for $297 million, comprising cash and stock. TIDAL will continue to operate independently within Square’s ecosystem. This acquisition aims to empower musicians by providing access to tools and financial resources. Square's CEO emphasized the potential synergies between music and economic empowerment, while JAY-Z expressed excitement about the partnership. The deal is expected to close in Q2 2021, pending regulatory approvals. Financial results from TIDAL are not anticipated to materially affect Square’s revenue in 2021.

Square has launched Square for Restaurants in Canada, a specialized point of sale (POS) solution for restaurants, breweries, cafés, and bars. This all-in-one system enhances speed and flexibility, especially under COVID-19 restrictions, allowing managers to update menus remotely and manage staff effectively. Early adopters like The Brake Room have reported improved operations and customer experiences. The POS enables online ordering without monthly fees, facilitating delivery, curbside pickup, and self-service options.

Square continues to empower businesses with innovative tools since its inception in 2009.

Square, Inc. has launched its industrial bank, Square Financial Services, after receiving charter approval from the FDIC and Utah Department of Financial Institutions. This new entity will provide business loans and deposit products, primarily serving Square sellers across the U.S. The bank aims to enhance access to financing, particularly for underserved communities, with 58% of its loans going to women-owned businesses. The bank is not expected to significantly impact Square's financial metrics in 2021. Square's executive team for the bank includes leaders with extensive experience in finance and lending.