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 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.

The sell-off was triggered by Block’s Q1 update, which revealed revenue of US$5.77 billion—a 3% year-over-year decline and well below the US$6.2 billion expected by analysts. Gross profit increased 9% to US$2.29 billion, but this also missed the market consensus of US$2.32 billion.

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