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Block Inc XYZ shares are tanking on Friday after the company announced on Thursday downbeat first-quarter results.

Shares of Block (XYZ -20.98%) are falling on Friday. The stock dropped 20.7% as of 12:55 p.m.

Shares of Block Inc (NYSE:SQ) plunged more than 20% on Friday after the payments company posted a sharp miss on first-quarter earnings and revenue and cut its full-year profit guidance, raising fresh concerns about the growth prospects of its Cash App business. The company reported earnings of $0.56 per share, well below Wall Street estimates of $0.97, while revenue fell to $5.77 billion, missing expectations of $6.19 billion.

XYZ's first-quarter 2025 results suffer from an unfavorable change in consumer spending patterns.

Block's shares fell 22% on Friday, hitting their lowest since November 2023 after the payments firm cut its profit forecast for the year.

Block shares were on track for their second-worst day, plunging more than 20% after a brutal quarterly report and a wave of analyst downgrades. Analysts flagged fresh concerns around stagnant Cash App user growth, muted consumer demand and a soft macro environment that may weigh on monetization.

U.S. stock futures were higher this morning, with the Dow futures gaining around 200 points on Friday.

Block, Inc. (NYSE:XYZ ) Q1 2025 Earnings Conference Call May 1, 2025 5:00 PM ET Company Participants Nikhil Dixit - Head of Investor Relations Jack Dorsey - Block Head, Chairman, and Co-Founder of Block Amrita Ahuja - Chief Operating Officer and Chief Financial Officer Conference Call Participants Tien-Tsin Huang - J.P. Morgan Darrin Peller - Wolfe Research Tim Chiodo - UBS Ramsey El Assal - Barclays Dan Dolev - Mizuho Rayna Kumar - Oppenheimer Andrew Bauch - Wells Fargo Will Nance - Goldman Sachs Adam Frisch - Evercore Harshita Rawat - Bernstein Trevor Williams - Jefferies Operator Good day, ladies and gentlemen, and welcome to the Block First Quarter 2025 Earnings Conference Call.

For a company long hailed as a tech disruptor in financial services, Block's Q1 2025 results present a paradox. One of slowing growth amid a flurry of innovation.

Although the revenue and EPS for Block (XYZ) give a sense of how its business performed in the quarter ended March 2025, it might be worth considering how some key metrics compare with Wall Street estimates and the year-ago numbers.