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 and were on track for the biggest intraday decline in five years after a 2025 profit forecast cut raised concerns about the payment firm's key businesses.

The company reported adjusted net income of $0.56 per share for the three months ended March 31, while analysts expected it to post $0.94 per share.