Square Announces Sale of Caviar to DoorDash

Payment process platform Square announced on Friday it has completed the sale of food delivery service, Caviar, to DoorDash. Square reported that Caviar was sold to DoorDash on October 31st for $410 million in a mix of cash and DoorDash stock.

Caviar will be included in Square’s financial results through October 2019, but will no longer be included following the completion of the sale. Accordingly, Square is providing the following details on the amount Caviar had been projected to contribute at the time of the guidance provided in the Company’s second quarter 2019 Shareholder Letter.”

Square then noted that it is not otherwise updating or commenting on its previously announced guidance at this time. The company added:

As a reminder, on November 6, 2019, Square will release financial results for the third quarter of 2019 and will discuss guidance for the full year of 2019 at that time.”

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