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Square Shares Hit Record High on Cash App Report

Square’s stock (SQ) reached an all-time high of $75.15 today on reports that downloads of its mobile-payment service Cash App passed PayPal Holdings' (PYPL) Venmo for the first time in July. Nomura Instinet and Sensor Tower are reporting that Cash App's total downloads, at 33.5 million, edged past Venmo’s (32.9 million) because Square's service grew three times faster in July. Cash App is expected to contribute $30 million to $40 million—roughly 2% to 3% of Square's adjusted net revenue—in 2018, says Nomura analyst Dan Dolev.