August 1, 2019 / 8:18 PM / 3 months ago

Square reports bigger quarterly loss; to sell Caviar to DoorDash

Aug 1 (Reuters) - Payments processor Square Inc reported a bigger second-quarter loss on Thursday, as product development and marketing expenses jumped, and said it would sell its food-ordering platform Caviar to DoorDash.

The company, founded and led by Twitter Inc Chief Executive Officer Jack Dorsey, said net loss widened to $6.7 million, or 2 cents per share, in the three months ended June 30 from $5.9 million, or 1 cent per share, a year earlier. (bit.ly/2Yywrb3)

DoorDash will buy Caviar for $410 million in cash and preferred stock, the food delivery company said. (Reporting by C Nivedita in Bengaluru; Editing by Sriraj Kalluvila)

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