Square Slumps on Concern Over Financing for its Loan Program
- Shares of payments provider fall most since November IPO
- Company cites `challenging credit market conditions'
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Square Inc. shares had their worst day since the digital-payments company went public last year on concern about financing for its small-business loan program, a service that had been viewed as a growth area.
The company said Thursday in its first-quarter earnings report that it extended $153 million in loans and advances, a 4 percent increase from the previous quarter. Square said it faced “challenging credit market conditions” and cited delays signing new investors to help back its lending business.