[paxys]

Toast has already caught up in market share, and dominates the restaurant industry. Square's numbers have been stagnant for many years.

And more importantly, the entire premise when Square launched was that app-based "cloud" PoS systems would replace all traditional cash registers. Except now 15 years later that simply hasn't happened. Existing players in the space all caught up and shipped chip and NFC readers to their retailers, and that's all that was needed.

[mattmaroon]

Square was never competitive in the restaurant space. Toast took market share there, but from other companies.

I run large public markets, the vendors are still almost entirely square just as they were ten years ago.

They have failed to make inroads into larger businesses like chains and stores, but that was never their customer to begin with.