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Shares of Square Inc. (SQ) collapsed on Wednesday, October 10, and the decline in shares has nothing to do with the broader sale of the technology.
Square's chief financial officer, Sarah Friar, announced that she would be leaving the payroll company to become the next-generation San Francisco-based social network service president. Square stocks ended the day down 10.11% at $ 77.45. The stock ended on a 4.07% increase after trading.
"As Square's CFO, Sarah guided us through an IPO and helped create a growing ecosystem of businesses that will evolve into the future," she said. said Jack Dorsey, CEO of Square, in a statement. He added, "Sarah has left us, having created a culture of enterprise and discipline throughout the company. She has been a leader, a partner and a wonderful friend and we are grateful for all that she has done for Square. "
Friar herself has also made comments. "The last six years in Square have been an incredible journey," she said. "It is rare to work in a company that combines such a meaningful purpose with a limitless market opportunity, it was a privilege to work with such a talented management team that pushed me and society to go far and faster every day. "
Ironically, this fall occurs during a day in which the Nasdaq (NDAQ), along with all other major indices, has fallen sharply. The Nasdaq lost 4.08% on Wednesday, bringing its yield since the beginning of the year to only 7.51%.
Square has had an impressive year. Even with the decline in Wednesday's shares, Square's return since the beginning of the year is 114%.
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