[01 August/CNBC] Payments company Square is selling its on-demand food delivery service Caviar to Doordash for USD$410 million (approx. NZD$637 million). Square purchased Caviar five years ago for USD$44.3 million (approx. NZD$69 million). Square CEO Jack Dorsey reports that the move will allow Square to double down on investments and focus on its core payments business. The acquisition will be made of a combination of cash and DoorDash preferred stock and is expected to close before the end of the year. Shares of Square dropped as much as 8 percent after the company issued weaker than expected third-quarter earnings guidance.