Square reports Q2 adjusted EPS 18c, consensus (5c)

Reports Q2 revenue $1.92B, consensus $1.13B. Reports Q2 gross payment volume up 15% year-over-year to $22.8B. Cash App posted a gross profit up 167% year-over-year to $281M. Square’s Seller ecosystem generated gross profit of $316M, down 9% year-over-year. The company said, “Although Seller GPV (Gross Payment Volume) declined in the second quarter of 2020 on a year-over-year basis, GPV trends in our Seller business improved sequentially each month in the quarter, driven primarily by sellers resuming operations as COVID-19-related restrictions eased, consumers increasing spending, sellers adapting to contactless commerce, and new sellers joining Square.”