Square is selling its on-demand delivery service Caviar to DoorDash for $410 million.
According a securities filing, Square bought Caviar five years ago for $44.3 million.
Square CEO Jack Dorsey, who also runs Twitter, said in the move will allow Square to double down on investments and focus in its core payments businesses. Shares of Square dropped as much as 8% Thursday after the payments company issued weaker-than-expected third-quarter earnings guidance. The company still beat analysts' earnings and revenue expectations for the quarter.
Dorsey said DoorDash was "an obvious choice" for the sale because of an existing relationship through orders in Cash App. Square will still focus on restaurants and food sellers — just through a payment platform approach, instead of offering delivery.
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