Block Inc (ASX: XYZ) Shares Slide 24% Following Missed Earnings and Downgraded Outlook

Fri 02 May 25, 04:30 AM |

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Highlights

Block shares fell 24% after disappointing Q1 results and lowered full-year guidance.

Revenue and gross profit both missed analyst expectations, prompting investor sell-off.

Full-year gross profit forecast cut to US$9.96 billion amid macroeconomic uncertainty.

Block Inc (ASX: XYZ), the payments company behind Cash App and Afterpay, ended the week sharply lower following a disappointing quarterly earnings report and revised guidance. The company's shares plunged as much as 33% in early trading on Friday, hitting a 52-week low of AUD61.42, before recovering slightly to trade down 24% at AUD69.69 by mid-session.

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