Square (NYSE:SQ), Inc. posted weaker than expected quarterly results, revealing that supporting the Cash App to develop further hurt the short-term earnings. Square posted a net loss of $6.7 million, widening from $5.9 million in the first quarter of 2019, reported Reuters.
Over the last quarter, Square truly focused on the marketing of its Cash App, more than doubling its marketing budget. This boosted Cash App subscribers to more than 3.5 million active users, Square revealed.
“We expect most of our ...