Square closes 5.5% after report it plans to offer checking and savings accounts
A trader works on the trading floor of the New York Stock Exchange (NYSE) in New York.
Yana Paskova | Bloomberg | Getty Images
Payment company Square rose more than 5% on Monday afternoon after Bloomberg News reported that the payment company may offer savings and checking accounts in the near future.
According to the report, a code in a Square app update revealed the company’s plans, including details on checking and savings accounts.
Square closed 5.5%.
The hidden code uses rhetoric that leads Bloomberg to believe that Square will offer a 0.5% interest rate on its savings account through 2021.
Square did not comment on the report.
Square’s shares are down 3% this year, more than 25% below their recent high.
The payment company had a staggering result earlier this month. Square reported earnings of 41 cents per share for the first quarter, well above the FactSet estimate of 17 cents. Revenue of $ 5.06 billion was also above expectations of $ 3.36 billion.
– with reports from Michael Bloom of CNBC.