Shares of Block Inc. sank the most in more than five years after the digital-payments company led by Jack Dorsey posted first-quarter results below analysts’ estimates and lowered its full-year profit guidance as a result of a more challenging macroeconomic environment.

Block's shares fell 22% on Friday, hitting their lowest since November 2023 after the payments firm cut its profit forecast for the year. At least eight brokerages reduced their price targets on the stock,

The parent company of Cash App and Square noticed changes to consumer spending as a result of the macro environment.