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The Block Inc (ASX: XYZ) share price is ending the week deep in the red.
In morning trade, the payments giant’s shares dropped as much as 33% to a 52-week low of $61.42.
Its shares have recovered a touch since then but remain down 24% to $69.69 at the time of writing.
Why is the Block share price crashing?
Investors have been rushing to the exits after the company released a disappointing first quarter update and slashed its outlook for the rest of the year.
Block reported revenue of US$5.77 billion for the quarter, down 3% on the prior corresponding period and short of Wall Street’s US$6.2 billion forecast according to CNBC.
And while its gross profit rose 9% to US$2.29 billion, this also missed…
